Josiah Owes $3,500 on His Credit Card with a Minimum

question 90

Multiple Choice

Josiah owes $3,500 on his credit card with a minimum percentage of 3% or a minimum payment of $100, whichever is higher. How much is the minimum payment due?

• A) $100.
• B) $105.
• C) $200.
• D) $3,500.

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Definitions:

Equilibrium

In economics, a state where market supply and demand balance each other, and as a result, prices become stable.

Coconuts

Tropical fruits or the hard-shelled seeds of the coconut palm, often used metaphorically in economics and game theory to represent tradable resources.

Civic Authorities

Government officials or bodies responsible for governing a city or town, and managing local services and regulations.

Long-run Supply Function

An economic concept that describes the total quantity of products that firms are willing to supply over a long period, taking into account the adjustments in production factors and technology.