Whenever There Is a Surplus at a Particular Price, the Quantity

question 5

Multiple Choice

Whenever there is a surplus at a particular price, the quantity sold at that price will equal:

• A) quantity demanded plus quantity supplied)/2.
• B) the quantity supplied at that price.
• C) the quantity supplied minus the quantity demanded.
• D) the quantity demanded at that price.

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Definitions:

Modus Tollens

Modus tollens is a form of deductive reasoning that takes the structure: If P, then Q. Not Q. Therefore, not P.

Basketball

A team sport where players aim to score points by shooting a ball through a hoop at a certain height.

Inductive Strength

A property of some logical arguments such that it is improbable (but not impossible) for the premises to be true and the conclusion to be false.

Deductive Validity

The logical feature of an argument whereby if the premises are true, the conclusion must also be true.