Calculate the Retail Price of an Item for Which the Retailer

question 211

Multiple Choice

Calculate the retail price of an item for which the retailer paid $120 and applied a mark-up on cost of 30% of cost.

• A) $150
• B) $156
• C) $168
• D) $171
• E) $189

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Definitions:

Production Process

The series of steps and operations involved in the manufacturing of a product or the delivery of a service.

Price Inelastic

Describes a situation in which the demand for a good or service changes little with a change in price.

Extraordinarily Large

A term used to describe a magnitude or amount that significantly exceeds what is common or expected.

Crop

A plant or plant product that is grown and harvested extensively for profit or subsistence.