Following the Industry Average, Your Firm Accepts a 20 Percent

question 14

Multiple Choice

Following the industry average, your firm accepts a 20 percent markup on sales. If the unit cost of your product is $20.00 then the retail price would be

• A) $44.00.
• B) $25.00.
• C) $24.00.
• D) $22.00.
• E) $40.00.

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Definitions:

Wine

An alcoholic beverage made from fermented grapes or other fruits, with variations in taste and strength depending on the type of grape and production process.

Production Possibility Frontier

An image projecting the ultimate production capacities for a duo of items, rooted in a given assortment of inputs including resources and extra aspects.

Technology Level

The current state of technological advancement and availability in a society or sector.

Resources Available

The total assets, both tangible and intangible, that are at disposal for use in the production of goods and services.