Write the Solution Set Using Interval Notation $\frac { 5 x + 1 } { 15 } - \frac { 1 + 4 x } { 5 } \leq - \frac { 1 } { 3 }$

question 237

Multiple Choice

Write the solution set using interval notation.
- $\frac { 5 x + 1 } { 15 } - \frac { 1 + 4 x } { 5 } \leq - \frac { 1 } { 3 }$

• A) \(\left[ \frac { 3 } { 7 } , \infty \right)\)
• B) \(\left[ - \frac { 3 } { 7 } , \infty \right)\)
• C) \(\left( \frac { 3 } { 7 } , \infty \right)\)
• D) \(\left( - \infty , \frac { 3 } { 7 } \right]\)

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Definitions:

Elastic Demand

A situation where the quantity demanded of a good or service significantly changes in response to a change in its price.

Lerner Index

An economic measure of a firm's market power, calculated as the difference between price and marginal cost relative to price, indicating the degree of monopoly power.

Monopoly Power

The degree of power held by a monopoly, characterized by the ability to control market prices and exclude competitors within a particular market or industry.

Price Markup

The practice of setting the selling price of a product higher than its initial cost to achieve a profit margin.