Solve the Problem. -Carlson Has Saved $656 at the Bank. He Wants to He

question 54

Multiple Choice

Solve the problem.
-Carlson has saved $656 at the bank. He wants to save $3,890 for a trip to California. What percent of his goal has been reached? Round to the nearest tenth when necessary.

• A)1.7%
• B)5.9%
• C)59%
• D)16.9%

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Definitions:

Price Ceiling

A government-imposed limit on how high a price can be charged for a product, service, or commodity to protect consumers from rapid price increases.

Price Floor

A minimum allowable price set above the equilibrium price, preventing the market price from falling below a certain level.

Quantity Demanded

It refers to the total amount of a good or service that consumers are willing and able to purchase at a given price within a specified time period.

Surplus

The condition that occurs when the quantity of a good or service supplied exceeds the quantity demanded, often leading to a decrease in prices.