-The Increase in the Demand for Widgets, Shown in the Figure

question 125

Multiple Choice

-The increase in the demand for widgets, shown in the figure above, is the result of an increase in people's incomes from $28,500 per year to $31,500 per year. Therefore, the income elasticity of demand for widgets is

• A) 0.25.
• B) 0.75.
• C) 1.33.
• D) 4.00.

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Definitions:

Categorical Proposition

An assertion that confirms or rejects a characteristic for every individual in a class.

Forms A, E, I, O

The four basic types of categorical propositions in traditional logic, distinguished by their quality (affirmative or negative) and quantity (universal or particular).

Subject

The part of a sentence or clause referring to the person or thing that is doing or being something; in logic, it can refer to the entity being discussed or described.

Predicate

The part of a sentence or clause containing a verb and stating something about the subject (e.g., went home in "John went home").