The fallacy of composition is essentially the error of:
a. confusing association with causation
b. confusing normative economics with positive economics.
c. generalizing from the individual to the whole.
d. omitting relevant variables from an economic model.
c
Economics
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If both firms in a duopoly cheat on a collusive agreement, the price ________ and both firms are ________
A) falls; better off B) rises; worse off C) falls; worse off D) rises; better off
Economics
Assuming that beer is a normal good, what will happen to the demand for beer near college towns if student income increased?
a. Demand will fall because students love these beers b. Demand will fall c. Demand will rise d. Supply would rise
Economics