Decide Whether the Argument Is an Example of Inductive or Deductive

question 5

Multiple Choice

Decide whether the argument is an example of inductive or deductive reasoning.
-Practice makes perfect. I have practiced. Therefore, I'll be perfect.

• A)Inductive
• B)Deductive

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Definitions:

Demand Elastic

Describes how sensitive the quantity demanded of a product is to a change in its price.

Total Revenue

The overall amount of money generated by a firm from its sales activities before any costs or expenses are deducted.

Unit Price

The cost per unit of quantity of a product, which allows for easy comparison of cost efficiency between different products or services.

Demand Elastic

Refers to how sensitive the quantity demanded of a good is to a change in its price.