Perfect Induction Differs from Imperfect Induction in That Perfect Induction

question 79

Multiple Choice

Perfect induction differs from imperfect induction in that perfect induction

• A) moves from major and minor premises to a particular conclusion about a class of phenomena.
• B) arrives at a generalization by observing samples of a class of phenomena.
• C) involves an exhaustive enumeration of all of the instances that make up a class of phenomena.

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Definitions:

Total Cost

The sum of fixed costs and variable costs incurred by a business in producing a particular level of output.

Industry Equilibrium Price

The price at which the total quantity demanded by consumers equals the total quantity supplied by firms in an industry.

Perfectly Elastic

A situation in demand or supply where quantity demanded or supplied changes infinitely with any change in price.

Marginal Revenue

The additional income received from selling one more unit of a good or service. It is an important concept in microeconomics and business when determining the optimal level of sales and production.