The Retailer's Rule of Thumb Is to Keystone, Meaning to Increase

question 28

Multiple Choice

The retailer's rule of thumb is to keystone, meaning to increase the price by ________.

• A) 50%
• B) Double
• C) Triple
• D) 80%
• E) 75%

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Definitions:

Perfectly Vertical

A line on a graph that shows an infinite response in the variable measured on the y-axis for any change in the variable on the x-axis, indicating no change regardless of input.

Percentage Change

A mathematical calculation that indicates the degree of change over time as a proportion of the starting value, often expressed as a percentage.

Price Changes

Variations in the cost of goods and services in an economy over a period, affecting inflation or deflation rates.

Excise Tax

A tax levied on specific goods, services, or transactions, often included in the price of the product.