Answer:
($) 60 is the profit per item when the selling price is reduced by 20%
Step-by-step explanation: 20% of 700 is 140.
The original profit is 700 - 500 = 200. The selling price is 140 less, Subtract 140 from 200. That leaves a profit of 60. (Not necessarily dollars, as the currency was not given in the question.)
