Upon Examining the Contents of 38 Backpacks, It Was Found

question 60

Multiple Choice

Upon examining the contents of 38 backpacks, it was found that 23 contained a black pen, 27 contained a blue pen, and 21 contained a pencil, 15 contained both a black pen and a blue pen, 12 contained both a black pen and a pencil, 18 contained both a blue pen and a pencil, and 10 contained all three items. How many backpacks contained exactly two of the three writing instruments?

• A) 15
• B) 11
• C) 3
• D) 2

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Definitions:

Monopolistically Competitive Firm

A company operating in a market structure characterized by many firms selling products that are substitutes but different enough that each has a degree of market power.

Long-Run Equilibrium

A condition in which supply and demand are balanced, all inputs can be varied by firms, and there is no incentive for market entry or exit.

Graphs

Visual representations of data, relationships, or trends using points, lines, bars, or other symbols.

Long-Run Equilibrium

A situation in which, over time, supply and demand balance, causing prices to stabilize and firms to neither enter nor exit an industry.