Use Set Notation, and List All the Elements of the Set

question 547

Multiple Choice

Use set notation, and list all the elements of the set.
-The natural numbers between 3 and 5. 6)

• A) {3, 5}
• B) {3, 4, 5}
• C) {0, 1, 2, 3}
• D) {4}

---

Definitions:

Demand Schedule

A table that shows the quantity of a good or service that people will purchase at various prices over a specified period.

Total Revenues

The total income received by a firm from its sales of goods or services, calculated by multiplying the selling price by the quantity sold.

Income Elasticity

A measure of how the demand for a good or service changes with a change in the consumer's income.

Price Elasticity

A measure of how much the quantity demanded of a good responds to a change in its price, with high elasticity indicating greater responsiveness.