Find the Smallest Possible Set (That Is, the Set with the Least

question 158

Multiple Choice

Find the smallest possible set (that is, the set with the least number of elements) that contains the given sets as subsets. ​ ​

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Definitions:

Demand

The quantity of a good or service that consumers are willing and able to purchase at various prices during a specified period of time.

Long Run

A period in which all factors of production and costs are variable, allowing firms to adjust to meet changes in the market.

Industry Entry

The process of a new competitor or company beginning operations in a specific market or industry.

MR

Marginal Revenue, the additional income that is gained from selling one more unit of a product or service.