Which of the following conclusions is an example of inductive reasoning?
A. Given that firms in the auto industry in the Southwest were profitable, all firms nationwide were profitable.
B. If firms have economies of scale, then average costs will fall with total output.
C. If consumer demand is downward sloping, quantity demanded will fall as prices increase.
D. If a firm has monopoly power, then it will price above marginal cost.
Answer: A
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