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The equation 3x = 24 represents the scenario where one-third of a certain value is equal to 24. In this case, it corresponds to the scenario where one-third of all surveyed students said math is their favorite subject. Therefore, the correct answer is:
A survey was conducted to determine the favorite subject of seventh grade students. One-third of all surveyed, or 24 students, said math is their favorite subject. How many students were surveyed?