Question

    Read the following statements and conclusions

    carefully. Assuming the information given in the statements is true, even if it appears to be at variance with commonly known facts, decide which of the given conclusions logically follow(s) from the statements. Statements: All Value are Price All Costs are Value No Cost is Product Conclusions: I. No Value is Product II. Some Value are not Product III. All Cost are Price
    A All three conclusions follow Correct Answer Incorrect Answer
    B Only conclusions I and III follow Correct Answer Incorrect Answer
    C Only conclusions I and II follow Correct Answer Incorrect Answer
    D Only conclusions II and III follow Correct Answer Incorrect Answer

    Solution

    No Cost is Product (E) → Conversion → No Product is Cost (E) + All Costs are Value (A) → Some Value are not Product (O*). Hence conclusion I does not follow but conclusion II follows. All Costs are Value (A) + All Value are Price (A) → All Cost are Price (A). Hence conclusion III follows.

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