An American Computer Is Priced at $1,200

question 66

Multiple Choice

An American computer is priced at $1,200.If the exchange rate between the U.S.dollar and the Japanese yen is $0.01 per yen,the equivalent price of the computer in yen is approximately __________ yen.

• A) 12,000
• B) 12
• C) 1,200,000
• D) 120,000

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Definitions:

Individual Consumers

People who purchase goods and services for personal use and not for manufacture or resale.

Monopolistic Competition

A market structure characterized by many firms selling products that are similar but not identical, allowing for some degree of market power and price setting by individual firms.

Oligopoly

A market structure characterized by a small number of firms that control the majority of the market share, leading to limited competition.

Electric Water Heaters

Devices that use electrical resistance heating elements to heat water for use in homes and businesses.