Suppose Sprite and 7-Up Are Considered by Consumers to Be

question 5

Multiple Choice

Suppose Sprite and 7-Up are considered by consumers to be substitutes. The likely economic impact of a decrease in the price of 7-Up is a:

• A)​movement up along the demand curve for Sprite.
• B)​decrease in the supply of 7-Up.
• C)​rightward shift of the demand curve for Sprite.
• D)​leftward shift of the demand curve for Sprite.

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Definitions:

Truth Table

A table that displays the truth values of a logical expression based on all possible combinations of truth values of its variables.

Atomic Sentences

Simplest types of statements that cannot be broken down into smaller parts while maintaining propositional meaning.

Atomic Sentences

Sentences that express a basic fact or idea without combining or including any logical operations or propositions.

Hypothetical Syllogism (HS)

A logical argument formed by two conditional statements and a conclusion that follows from chaining the conditionals together.