In General, as Price of a Good or Service Increases

question 90

Multiple Choice

In general, as price of a good or service increases, the quantity demanded

• A) increases.
• B) decreases.
• C) stays the same.
• D) depends on the type of product or service.

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Definitions:

Syllogism

A form of reasoning in which a conclusion is drawn from two given or assumed propositions (premises), each sharing a common or middle term not present in the conclusion.

Reasoning

The mental process of generating conclusions, judgments, or inferences based on premises or evidence.

Plausible

Appearing reasonable or probable; believable or credible.

Confirmation Bias

The tendency to search for, interpret, favor, and recall information in a way that confirms one’s preexisting beliefs or hypotheses.