If "color" is a wavelength, and "combine" is averaging two wavelengths, then this is equivalent to a set of real numbers where every average between 2 numbers in the set is also in the set. I think the only matching sets would be "empty set", "set with 1 number", and "all real numbers", but I'm not sure I could prove it
probably not, since "colour = one wavelength of light" can't represent colours like magenta (simultaneous stimulation from blue and red wavelengths) or brown (orange wavelengths at a lower intensity). you'd need to work in a colour space to be able to represent all colours, and i'm not aware of any colour spaces with less than 3 dimensions to them. likely the same principle though, just with 3 dimensional vectors instead of single numbers (i think, i suck ass at math)
If we're just talking digital colors, aren't there those images that contain Every Digital Color? Those would fulfill it if we have that limit.