Examlex
Let A = {students taking a Spanish class}
B = {students taking a judo class}
Assume there are 41 students taking a Spanish class,
22 students taking a judo class, and 8 students taking
both classes. How many students are taking at least
one of the two classes? Fill in the Venn diagram below
to illustrate your solution.
Cartel
An association of manufacturers or suppliers with the purpose of maintaining high prices and restricting competition.
Differentiated Product
A product that is distinguished from similar products offered by competitors because of unique characteristics or features.
Homogeneous Product
A product that is identical or almost identical in features, functions, and quality across different suppliers.
Equilibrium Price
The price at which the quantity of a product offered for sale matches the quantity that consumers are willing to buy, without any leftover surplus or shortage.
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