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James, Carl, Mark, Antonio, Phillip, and Brad are friends at college. James, Antonio and
Phillip have calculus together. Brad and Carl have the same English composition class.
Draw a graph with vertices representing students and edges representing the relation "take
a common class". How many components does the graph have? Identify a subgraph that is
a complete subgraph with three vertices.
Perfectly Competitive
A market structure characterized by many buyers and sellers, homogenous products, free entry and exit, and perfect information, leading to optimal distribution and prices.
Market Price
The price at which goods and services are sold in the market, determined by the forces of supply and demand.
Profit
The financial gain made in a transaction or operation, calculated as total revenue minus total costs.
Total Variable Costs
The complete costs that vary with output level, such as materials and labor, in the production process.
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