Set Up an Equation That Can Be Used to Solve

question 93

Multiple Choice

Set up an equation that can be used to solve the problem. Solve the equation and answer the question asked.
-The local clothing store marks up the price that it pays to the clothing manufacturer by 30%. If the selling price of a pair of jeans is $105, how much did the clothing store pay for the jeans?

• A) $150.00
• B) $26.25
• C) $136.50
• D) $80.77

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Definitions:

Perfectly Competitive Industries

Markets where there are many buyers and sellers, products are homogeneous, and no single entity has the ability to influence prices.

Quantity Of Output

The total amount of goods or services produced by an individual, firm, industry, or entire economy in a given period.

Price To Charge

Price to Charge refers to the amount a business decides to set for its product or service, taking into account costs, competitive prices, and profit margins.

Marginal Costs

The additional cost incurred by producing one additional unit of a product or service.