Solve the Problem. -There Are 8 Members on a Board of Directors. If

question 91

Multiple Choice

Solve the problem.
-There are 8 members on a board of directors. If they must form a subcommittee of 6 members, how many different subcommittees are possible?

• A) 28
• B) 262,144
• C) 720
• D) 20,160

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Definitions:

Monopolistic Industry

An industry dominated by a single firm that has control over pricing and the market, facing little to no competition.

Blocked Entry

A condition in a market where barriers prevent new firms from entering, often leading to reduced competition and allowing existing firms to maintain higher prices and profits.

Price Elastic

Refers to the responsiveness of the quantity demanded or supplied of a good to a change in its price.

Demand

The desire for a particular good or service combined with the willingness and ability to pay for it.