If a Retailer Can Sell an Item for $6 and Needs

question 10

Multiple Choice

If a retailer can sell an item for $6 and needs a 40 percent markup on retail to meet profit objectives,that retailer should pay no more than _____ for the item.

• A) $2.40
• B) $3.60
• C) $6.40
• D) $8.40
• E) $9.60

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Definitions:

Productivity

The effectiveness of productive effort, especially in industry, as measured in terms of the rate of output per unit of input.

Individual Control

The extent to which a person feels they have autonomy or influence over their own behavior and decisions.

Task Maturity

Having the skill set necessary to complete a job, as well as the ability to set and meet realistic goals and the ability to take on responsibility for the task.

Seniority

The concept of giving priority to individuals based on their length of service or time spent in a position or organization.