Solve the Problem. -From 9 Names on a Ballot, a Committee of 5

question 23

Multiple Choice

Solve the problem.
-From 9 names on a ballot, a committee of 5 will be elected to attend a political national convention. How many different committees are possible?

• A) 3,024
• B) 15,120
• C) 7,560
• D) 126

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Definitions:

Monopolist

An entity with exclusive control over the supply of a particular good or service, setting prices and production levels.

Price Discrimination

A pricing strategy where identical or substantially similar goods or services are sold at different prices by the same provider in different markets or to different customers.

Perfect Competition

A market structure characterized by a large number of small firms, a homogeneous product, freedom of entry and exit, and perfect information, leading to firms being price takers.

Consumer Surplus

The difference between what consumers are willing to pay for a good or service and what they actually pay, representing the benefit to consumers.