The Form of This Argument [If P,then Q

question 13

Multiple Choice

The form of this argument [If p,then q.If q,then r.Therefore,if p,then r.] is called:

• A)hypothetical inductive.
• B)hypothetical syllogism.
• C)modus ponens.
• D)modus tollens.

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Definitions:

Producer Surplus

The discrepancy between the price at which producers are prepared to offer a good or service and the price they actually obtain.

Demand Shifts

Refers to the change in the quantity demanded of a good or service at any given price, caused by factors other than the price of the good itself.

New Equilibrium

The state reached when market forces realign, resulting in a new balance between supply and demand after a disturbance.

Total Surplus

The aggregate net benefit to society derived from the production and consumption of a good or service, comprising both consumer and producer surplus.