Gettier Outlines the General Form of the Conditions for Someone

question 32

Multiple Choice

Gettier outlines the general form of the conditions for someone knowing a given proposition as the following: S knows that P, if and only if (1) P is true, (2) S believes that P, and (3) ...

• A) S has a valid proof of P.
• B) P is a fact.
• C) S is justified in believing that P.
• D) P follows with a high degree of probability.

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Definitions:

Economic Profits

The gap between the overall earnings and combined expenditures, taking into account both overt and hidden costs.

Competitive Markets

Markets in which there are many buyers and sellers, so no single buyer or seller can influence the price.

Profit Maximizing

The process by which a company or individual adjusts production and sales to achieve the highest possible profit with the least amount of wastage or expense.

Competitive Firm

A company that operates in a market where it has little to no influence over the price of its product, due to the presence of many other firms offering similar products.