Currently, Tyre Producers Must Receive a Price of $50 Per

question 98

Multiple Choice

Currently, tyre producers must receive a price of $50 per tyre to produce 5000 tyres. If the supply curve of tyres is upward- sloping, then, to produce one additional tyre, tyre producers will need to receive a price of

• A) less than $50.
• B) more than $50.
• C) $50.
• D) $0.

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Definitions:

Antecedent

An element in grammar that a pronoun or another word refers back to; in logic, the condition in a conditional statement that if true, leads to the consequent.

Standard Form

A structured format for presenting arguments or equations in a universally understood manner.

Proposition

A declarative sentence that can be either true or false but not both.

Hypothetical Syllogism

A logical argument form where two conditional statements lead to a conclusion, essentially connecting the antecedent of one to the consequent of the other.