Final answer:
The equation modeled by the inequality 23x < 31 is represented by the real-life scenario where the cost of 23 items is less than $31, involving a situation of purchasing items with a set price and wanting to keep the total cost below a certain amount.
Step-by-step explanation:
The real-life equation that can be modeled by the inequality 23x < 31 is A) Cost of 23 items is less than $31. The inequality means that when we multiply the number of items, represented by x, by 23, the total cost is less than $31. This could apply, for example, to a situation where someone is buying pencils that cost $1 each and they want to spend less than $31 in total.
Option B is incorrect because time is not related to the x variable. Option C is also incorrect because the distance is not being multiplied by 23. Lastly, Option D does not fit because it does not involve multiplication with x.