Jenny Sells Lemonade in Front of Her House in the Summer

question 9

Multiple Choice

Jenny sells lemonade in front of her house in the summer. Several other kids in Jenny's neighborhood also run lemonade stands in the summer. The lemonade market in Jenny's neighborhood is more likely to be perfectly competitive if:

• A)all of the kids advertise heavily.
• B)each stand tries to get more customers by offering different varieties of lemonade and snacks.
• C)each lemonade stand sells the same kind of lemonade.
• D)some of the neighborhood parents build elaborate booths for their kids' stands while some kids sell from makeshift tables.

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Definitions:

GST

Goods and Services Tax; a value-added tax levied on most goods and services sold for domestic consumption.

Mill Rate

A property tax rate expressed in tenths of a cent, applying to the assessed value of property.

Property Taxes

Taxes paid by property owners, typically annually, based on the assessed value of their property and the tax rate of the local government.

Assessed

Evaluated or estimated the value of (a property, a tax, a fine, etc.) for taxation or pricing purposes.