Assume That There Was a 10 Percent Increase in the Price

question 404

Multiple Choice

Assume that there was a 10 percent increase in the price of all goods in 2010; if the base year is 2009, then the price index in 2010 will be

• A) 90.
• B) 110.
• C) 200.
• D) 1100.

Describe the characteristics of different types of problems including arrangement, transformation, inducing structure, and probability problems.

Recognize the use and benefits of heuristics and algorithms in solving problems.

Understand the role of analogy in problem-solving.

Appreciate the influence of cognition and cultural differences on problem-solving approaches.

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Definitions:

Robinson-Patman Act

A federal law in the United States that bans practices by producers that hinder competition, particularly discriminating in pricing.

Functional Discount

A price reduction offered to channel members who perform certain functions such as selling, storing, and record-keeping.

Wholesaler

A business or person that buys goods in large quantities from manufacturers and sells them in smaller amounts to retailers, typically at lower prices.

Clayton Act

A United States antitrust law, passed in 1914, aimed at promoting competition and preventing monopolies by prohibiting certain types of anti-competitive practices.