Consider This Argument: "If We Bought the Movie Tickets Online

question 30

Multiple Choice

Consider this argument: "If we bought the movie tickets online, we saved a dollar per ticket. We did buy the tickets online. So we must have saved a dollar per ticket." Using a truth table to evaluate that argument for validity will produce a final column that ___________________.

• A) has eight rows all of which are T
• B) has eight rows some of which are T and some F
• C) has four rows all of which are F
• D) has four rows all of which are T
• E) has two rows both of which are T

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Definitions:

Normal Profit

The minimum level of profit needed for a company to remain competitive in the market, equating to its opportunity costs.

Economic Profit

The surplus remaining after total costs (including both explicit and implicit costs) are subtracted from total revenues, reflecting the opportunity costs of all resources.

Monopolistically Competitive

A market structure characterized by many firms selling differentiated products with few barriers to entry.

Fixed Costs

Expenses that do not change with the level of production or sales, such as rent, salaries, and insurance premiums, faced by a business.