Ch 1.The fallacy of composition is the incorrect view that
What will be an ideal response?
if something is true for an individual, then it must also be true for the group.
You might also like to view...
If the price of a good changes but everything else influencing suppliers' planned sales remains constant, there is a
A) new supply curve that is to the right of the initial supply curve. B) new supply curve that is to the left of the initial supply curve. C) movement along the supply curve. D) rotation of the initial supply curve around the initial price.
If the price of land is zero,
a. the supply of land is a horizontal line b. rent is zero and land is a free good c. the MRP curve is positively sloped d. land rents are positive e. demand for land is relatively high
According to the Life-cycle hypothesis, if a person received a payment roughly equals to her current income her consumption would:
A. increase by more than the increase in income. B. would not increase at all. C. increase, but not by as much as the increase in income. D. roughly double.
A good whose demand is inversely related to income is a(n)
A. regular good. B. inferior good. C. new good. D. normal good.