Round to the Nearest Tenth of a Percent

question 322

Multiple Choice

Round to the nearest tenth of a percent.

• A) 12.3%
• B) 12.7%
• C) 12.8%
• D) 12%

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Definitions:

Binding Price Ceiling

A government-imposed limit on how high a price can be charged for a product or service, which is set below the market equilibrium price, leading to shortages.

Supply and Demand Relationships

Fundamental economic concepts that describe how the availability of goods (supply) and the desire for them (demand) interact to determine market prices and quantities.

Equilibrium Price

The price at which the quantity of a good demanded equals the quantity supplied, resulting in market equilibrium.

Surplus

The amount by which the quantity of a good or service supplied exceeds the quantity demanded, often leading to a decrease in prices.