A Consumer Group Surveyed the Prices for Cotton,extra-Long Twin Bed

question 25

Multiple Choice

A consumer group surveyed the prices for cotton,extra-long twin bed sheet sets in five different department stores and reported the average price as $16.We visited four of the five stores and found the prices to be $12,$15,$17,and $22.Assuming that the consumer group is correct,what is the price of the item at the store that we did not visit?

• A)$10
• B)$14
• C)$15
• D)$17

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Definitions:

Wealthy Classes

Social groups consisting of individuals or families that possess significantly higher amounts of capital, assets, or wealth compared to the average population.

Central Planning Board

A government body responsible for determining the allocation of resources and directing economic activity in a centrally planned economy.

Pure Capitalist Economy

An economic system where private individuals and firms control all resources, and market forces determine resource allocation with minimal government intervention.

Price Mechanism

The system by which the forces of supply and demand determine the prices of goods and services and allocate resources within an economy.