The Price of a 12 Ounce Box of Cereal Decreases

question 1

Multiple Choice

The price of a 12 ounce box of cereal decreases from $3.50 to $3.00. What fraction is used to compute the percent decrease in the price of the cereal?

• A) 1/3
• B) 1/5
• C) 1/6
• D) 1/7

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Definitions:

Illusory

Appearing to be real or possible, but actually being deceptive or unreal.

Adequate Consideration

Something of value exchanged between parties in a contract, which is fairly sufficient and corresponds to the terms and obligations agreed upon.

Arbitration Clause

A contract provision requiring disputes to be resolved by arbitration rather than in court.

Disguised Gift

A transaction or transfer of property where the true intent is to give the item rather than sell it at its full value.