The idea that what’s good for one person may not be good for all people is known as the
a. cause-effect fallacy.
b. fallacy of composition.
c. moral hazard problem.
d. disequilibrium position.
b. fallacy of composition.
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Answer the following questions true (T) or false (F)
1. In an oligopoly, minimum efficient scale is likely to occur at a level of output that is a large fraction of industry sales. 2. An equilibrium in which each player chooses its best strategy given the strategies chosen by the other players is called a Nash equilibrium. 3. The equilibrium in the prisoner's dilemma is a Nash equilibrium.
Which question is an illustration of a microeconomic question?
A. Is the purchasing power of the dollar higher or lower today than it was in 2005? B. Is the quantity of wine purchased in one year dependent upon the price of wine? C. Does government spending influence the total level of employment in the economy? D. Is capitalism superior to socialism?