Solve the Problem. -Within a Group of N People, the Number of Possible

question 200

Multiple Choice

Solve the problem.
-Within a group of n people, the number of possible handshakes, N, is given by . At a party, everybody shakes hands with every other person. If the total number of handshakes is 210, how many people are at the party?

• A) 20
• B) 23
• C) 21
• D) 22

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Definitions:

Substitution Effect

The shift in buying habits caused by alterations in the comparative costs of products, resulting in consumers substituting higher-priced items with those that are more affordable.

LED Light Bulbs

Energy-efficient lighting devices that use light-emitting diodes to produce light, known for having a longer lifespan and lower energy consumption compared to traditional bulbs.

Marginal Utility Per Dollar

The additional satisfaction gained from spending one more dollar on a good or service.

Substitution Effect

The substitution effect occurs when consumers change their consumption of goods in response to changes in relative prices, substituting cheaper goods for more expensive ones.