Find the Number of Proper Subsets the Set Has

question 49

Multiple Choice

Find the number of proper subsets the set has. {m, n, p, q, r, s, t, u, v, w}

• A) 1023
• B) 10
• C) 1022
• D) 1024

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Definitions:

Backward-Bending

Describes a labor supply curve reflecting a situation where higher wages lead to a decrease in labor supplied because individuals opt for leisure over work.

Labor Supply Curve

A graphical representation showing the relationship between the different levels of wages and the quantity of labor workers are willing to supply.

Income Effect

A person’s willingness to give up some income in exchange for more leisure time.

Substitution Effect

If the price of a resource, say labor, goes up, business firms tend to substitute capital or land for some of their now-expensive workers. Also, the substitution of more hours of work for leisure time as the wage rate rises.