Which of the following is the fallacy in the fallacy of composition?
A. Whatever goes up must come down
B. Facts are more important than theories
C. What is true for the part is necessarily also true for the whole
D. If event B occurs after event A, event A must have caused event B
Answer: C
Economics
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When the plans of buyers and sellers are fully coordinated
A) the market clears. B) there is neither a shortage nor surplus of a good. C) quantity demanded equals quantity supplied. D) all of the above are true.
Economics
Diseconomies of scale at the firm level occur
a. wherever the firm's long-run average cost curve is horizontal b. wherever the firm's long-run total cost curve is horizontal c. where marginal cost equals marginal revenue d. if a firm becomes "too large" e. if any of the firm's plants becomes "too large"
Economics