What the Term for the Point Where the Highest Attainable

question 82

Multiple Choice

What the term for the point where the highest attainable indifference curve and the budget constraint are tangent

• A)the consumer's equilibrium
• B)the consumer's utility minimum
• C)the consumer's efficient allocation of resources
• D)the consumer's optimum

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Definitions:

Retail Selling Price

The final price at which goods are sold to consumers, including all taxes, markups, and additional costs.

Mark-up

The amount added to the cost price of goods to cover overhead and profit, determining the selling price.

Regular Selling Price

The standard or usual price at which a product is sold to consumers, without any discounts or promotions.

Markdown

A reduction in the selling price of goods or services, typically to clear excess inventory or stimulate sales.