The Family Resemblance Theory of Categorization

question 162

Multiple Choice

The family resemblance theory of categorization:

• A)is limited because it only applies to people and not objects.
• B)argues that necessary and sufficient statements be developed for categories to be meaningful.
• C)posits that each member of the category has at least one thing in common.
• D)argues that a category may exist,even if there is no single defining characteristic of the category.

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Definitions:

Highest Price

The maximum price at which a good, service, or asset is sold in the market, often influenced by factors such as scarcity, demand, and quality.

Pure Monopolist

An entity that is the sole provider of a particular product or service in a market, without any competitors, effectively controlling the market.

Increase Price

A strategy or action where the selling price of goods or services is raised to generate higher revenue or cope with increased costs.

Volume of Sales

The total quantity of goods or services sold by a company within a specific period.