The Demand for Microwaves in a Certain Country Is Given

question 139

Multiple Choice

The demand for microwaves in a certain country is given by: D = 8,000 -30P, where P is the price of a microwave. Supply by domestic microwave producers is: S = 4,000 + 10P. If this economy opens to trade while the world price of a microwave is $50, how many microwaves will be imported or exported?

• A)1,000 imported
• B)2,000 imported
• C)3,000 exported
• D)2,000 exported

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Definitions:

Missing Premises

Arguments or assertions that are not explicitly stated but are required for an argument's conclusion to be logical.

Syllogism

A form of deductive reasoning consisting of a major premise, a minor premise, and a conclusion.

Valid Syllogism

A form of deductive reasoning where, from two given or assumed propositions (premises), a logical conclusion is drawn.

Categorical

Unconditional; absolute; being without exception or qualification.