Suppose There Is an Unusually Large Crop of Apples This

question 45

Multiple Choice

Suppose there is an unusually large crop of apples this year. How might this affect the market for apples?

• A) The demand would increase, increasing both equilibrium price and quantity.
• B) The supply would increase, decreasing equilibrium price and increasing equilibrium quantity.
• C) The demand would decrease, decreasing both equilibrium price and quantity.
• D) The supply would decrease, increasing equilibrium price and decreasing equilibrium quantity.

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Definitions:

Modus Ponens

A form of logical argument where if a conditional statement ("if P then Q") is accepted, and the antecedent (P) holds, then the consequent (Q) can be concluded.

Inductive Generalization

A form of reasoning where a conclusion is drawn about all members of a group based on observations of a sample of that group.

Sodium

A chemical element with the symbol Na and atomic number 11, which is a soft, silvery-white, highly reactive metal and is found in many salts, including table salt.

Fallacies

Errors in reasoning that render arguments logically invalid, often due to misleading premises or irrelevant points.