You Bought Two Items for a Total of $770

question 143

Multiple Choice

You bought two items for a total of $770.11. The first item is GST exempt and it represents 42% of the total purchase price. Assuming that you live in Alberta, what is the total amount of GST that you paid?

• A) $30.22
• B) $19.22
• C) $49.55
• D) $28.22
• E) $36.67

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Definitions:

Perfect Competition

A market structure characterized by a large number of small firms, identical products, and easy entry and exit, which leads to firms being price takers.

Public Ownership

The case in which goods are supplied by the government or by a firm owned by the government to protect the interests of the consumer in response to natural monopoly.

High-Quality Products

Goods that meet or exceed customer expectations in terms of durability, reliability, performance, and design.

Short-Run Supply Curve

A graphical representation showing the quantity of goods that producers are willing and able to sell at different prices over a short period of time, during which at least one of the firm's inputs is fixed.