We Commit a Fallacy If We Arrive at a General

question 29

Multiple Choice

We commit a fallacy if we arrive at a general proposition too quickly or on the basis of insufficient evidence.Do we also commit a fallacy if we do the opposite, arriving at a generalization too slowly, or on the basis of too much evidence?

• A)No.
• B)Arriving at a generalization too slowly is a fallacy, but relying on too much evidence is not.
• C)Relying on too much evidence is a fallacy, but arriving at a generalization too slowly is not.
• D)Either arriving at a generalization too slowly or relying on too much evidence would be a fallacy.
• E)A fallacy is only committed when we both arrive at a generalization too slowly and on the basis of too much evidence.

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Definitions:

Cournot Duopoly

A Cournot Duopoly is a market structure where two companies control the entire market for a particular product or service, and each firm chooses its output level assuming that the other firm's decision is fixed.

Cournot Duopolists

Firms in a duopoly market structure that determine their output level assuming the output of their competitor is fixed, named after Antoine Cournot.

Demand Curve

A graphical representation showing the relationship between the price of a good and the amount of the good that consumers are willing and able to purchase at various prices.

Total Costs

The overall expenditure associated with producing goods or services, embracing both fixed and variable costs.