The Competitive Market Price of a Good

question 66

Multiple Choice

The competitive market price of a good

• A) Is equal to the value consumers place on the last unit they purchased
• B) Is equal to the cost of producing an extra unit of the good
• C) Must exceed the cost of producing an extra unit of the good
• D) Must be less than what consumers are willing to pay for an additional unit of the good

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Definitions:

Simp

A slang term often used to describe someone who performs excessive sympathy or attention towards another person, often without reciprocation.

Inference Forms

Patterns or templates of reasoning that show the logical connection between premises and conclusion.

MP

An abbreviation that could refer to Modus Ponens, a logical form where from premises of the form "If P, then Q" and "P", it's concluded that "Q".

MT

Another term for Modus Tollens, it is the form of logical argument implying the inverse of a conclusion based on the negation of its consequence.