True conditional statement "p" : if the goods are standard, then they are expensive.
True converse statement "q" : if the goods are expensive, then they are standard.
Resulting biconditional statement: the goods are standard if and only if the goods are expensive.
This means that both "p" and "q" are true or else they are both false.
The biconditional "p" if and only if "q" is logically equivalent to saying "p" implies "q" and "q" implies "p" .
The"\\ if\\ and \\ only \\ if" Chart:
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