A Retailer Has Some Toe Rings That Cost Him $5

question 170

Multiple Choice

A retailer has some toe rings that cost him $5 each. He wants to sell them at a profit of 40% of the cost. What should be the selling price of the toe rings?

• A) $10.00
• B) $7.00
• C) $2.00
• D) $9.00
• E) none of these

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Definitions:

Trusts

Legal entities where assets are managed by one party for the benefit of another.

Social Regulation

The imposition of rules and standards by government aimed at improving or protecting societal welfare, covering areas like environment, health, and safety.

Allocative Efficiency

A state of resource allocation where it is impossible to make any one individual better off without making at least one individual worse off.

Antitrust Laws

Regulations designed to promote competition and prevent monopolies by prohibiting business practices that restrict or control market competition.