Figure: Price Adjustment Refer to the Figure

question 18

Multiple Choice

Figure: Price Adjustment Refer to the figure. If the price of the product is $14, there is a:

• A) shortage of 30 units of the product, and the price will rise to $16.
• B) surplus of 20 units of the product, and the price will rise to $16.
• C) shortage of 50 units of the product, and the price will rise to $16.
• D) surplus of 40 units of the product, and the price will rise to $16.

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Definitions:

Hasty Generalization

A logical fallacy that involves making a rushed conclusion based on insufficient evidence.

Fallacy

A reasoning error that causes an argument to be invalid.

Examples

Instances or cases that are representative of a concept, principle, or condition, used to illustrate or clarify.

Generalize

To make a general statement or concept by inferring from specific cases.