Jewelry Has a Very High Markup Rate

question 140

Multiple Choice

Jewelry has a very high markup rate. If a ring costs a jeweler $680, at what price should it be sold to gain a profit of 45% of the selling price?

• A) $993.00
• B) $973.00
• C) $986.00
• D) $1,017.00
• E) none of these

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Definitions:

Credibility

The quality or attribute of being believable or worthy of trust based on one's reliability, expertise, and honesty.

Trustworthiness

The ability to be relied on as honest or truthful.

Inoculation Theory

A psychological theory suggesting that exposure to weakened forms of an argument increases later resistance to that argument, similar to how exposure to a virus can create immunity.

Cognitive Dissonance

The psychological discomfort experienced when holding two or more conflicting beliefs, values, or attitudes simultaneously.