Paley Argues That If He Were to Find a Watch

question 187

Multiple Choice

Paley argues that if he were to find a watch upon the ground, he would be warranted in inferring that

• A) Someone had lost it.
• B) It had been placed there by God.
• C) It must have had a maker.
• D) Both b and c

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Definitions:

Price Elastic

An indicator of the responsiveness of the demand for a product to fluctuations in its price.

Substitutable

Describes goods or services that can serve as replacements for each other, fulfilling similar needs or desires for consumers.

Unit-elastic

Unit-elastic refers to a situation in which the percentage change in quantity demanded or supplied is equal to the percentage change in price.

Elasticity

A measure of how much the quantity demanded or supplied of a good changes in response to a change in price.