An Invoice for $8,000 Dated September 1 with Terms 2/10

question 9

Multiple Choice

An invoice for $8,000 dated September 1 with terms 2/10, 1½/20, n/30 is received in the mail on September 3. The company sent a cheque on September 12 for $2,500. How much is credited to their account?

• A) $2,462.50
• B) $2,500
• C) $2,551.02
• D) $2,537.50
• E) $2,450

---

Definitions:

Benevolent Social Planner

A hypothetical figure in economics who makes decisions aimed at achieving the best possible outcomes for society overall, considering both efficiency and equity.

Market Power

The ability of a firm or group of firms to significantly control or influence market prices, often due to lack of competition.

Price Discrimination

An approach to setting prices where a provider charges different rates for the same or very similar items in various markets.

Resale Of Goods

The act of selling previously owned or used products to another party.