Java Joe Sells 200 Cups of Coffee Each Day in a Perfectly

question 232

Multiple Choice

Java Joe sells 200 cups of coffee each day in a perfectly competitive market at the market price of $2.00 per cup.If Java Joe independently decreased its price per cup to $1.50,

• A)its sales would rise to 250 cups
• B)its revenue would decrease
• C)its revenue would rise
• D)its total revenue would equal $200
• E)the market price will fall to $0.75 as other coffee sellers match the price cut

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Definitions:

Syllogism

A form of reasoning in which a conclusion is drawn from two given or assumed propositions, each of which shares a common or middle term.

Premises

Statements or propositions from which a conclusion is logically derived in an argument.

Categorical Syllogism

A logical argument composed of three statements, where the first two are premises leading logically to a conclusion.

Independent

Not influenced by others; self-reliant or not depending on or connected to something else for its existence or function.