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Suppose the U.S. Congress is considering passing an excise tax that would increase the price of a pack of cigarettes by $1.00. What would be the likely effect of this change on the demand and supply of cigarettes? What is likely to happen to cigarette prices and the quantity consumed if the tax bill is enacted?
Hypothetical Syllogism
A logical argument consisting of two conditional statements and a conclusion, based on the premise that if one condition is true, then a second condition must follow.
Modus Tollens
A form of logical argument where the denial of the consequent leads to the denial of the antecedent, symbolically represented as "If P then Q; not Q; therefore not P."
Hypothetical
Based on or serving as a hypothesis, suggesting a possible scenario or assumption for the sake of argument.
Hypothetical Syllogism
A form of logical argument involving two conditional statements and a conclusion that infers a relationship based on the preceding premises.
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