Suppose the Demand Curve for a Product Is Represented by a Typical

question 42

Multiple Choice

Suppose the demand curve for a product is represented by a typical downward-sloping curve.Now suppose the demand for this product decreases.Which of the following statements accurately predicts the resulting decrease in price?

• A)The more elastic the supply curve, the greater the price increase.
• B)The more elastic the supply curve, the smaller the price decrease.
• C)The increase in price is not affected by the elasticity of the supply curve.
• D)The decrease in price will always be proportional to the magnitude of the demand shift.

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Definitions:

Affirming The Consequent

A logical fallacy where a conclusion is incorrectly drawn from the premise that if P then Q, and Q is true, therefore P must be true.

Ad Hominem

A fallacy in argumentation where the focus is on attacking the character or motive of the person making the argument, rather than addressing the argument itself.

Categorical Syllogism

A form of reasoning where two premises lead to a conclusion, based on the relationship between categories or groups.

Bo Dietl

A former New York City Police Department detective and media personality known for his work in law enforcement and security consulting.