A Set of Four New Tires Cost $91

question 348

Multiple Choice

A set of four new tires cost $91.00. What was the price per tire?

• A) $17.41
• B) $25.70
• C) $22.75
• D) $34.53
• E) $15.18

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Definitions:

Marginal Benefit

The additional benefit or satisfaction experienced when consuming another unit of a good or service.

Marginal Cost

The increase in cost that arises from producing one additional unit of a good or service.

Optimal Level

The state or condition where the best possible outcome is achieved, given the current set of circumstances or resources.

Degree of Complementarity

The extent to which one good or service complements another, affecting their demand when their prices change.