A Retailer Bought a Pair of Designer Eyeglass Frames for $16.She

question 110

Multiple Choice

A retailer bought a pair of designer eyeglass frames for $16.She sets the initial selling price at $48 dollars.The final selling price was $34.What was the original markup?

• A)$16
• B)$32
• C)$34
• D)$48

Identify the warranties and conditions that can arise in sales of goods transactions both implicitly and explicitly.

Distinguish between the rights of buyers and sellers under various circumstances of breach or non-conformity of goods.

Analyze the role of custom, practice, and previous dealings in interpreting and enforcing sales contracts under the UCC.

Evaluate the impact of federal statutes such as the Magnuson-Moss Warranty Act on sales contracts.

---

Definitions:

Inelastic

Describes a situation where the demand or supply for a good or service is relatively unresponsive to changes in price.

Available Substitutes

Alternative products or services that consumers can use to satisfy the same needs or desires as the product or service in question.

Luxury Good

A product or service that is not essential but is highly desired and associated with wealth or high social status.

Elasticity of Demand

A measure of how much the quantity demanded of a good responds to a change in the price of that good, expressed as a percentage change.