One might commit the fallacy of composition by concluding that
a. statements that are true during prosperity are necessarily true during depression
b. what is good for the individual is necessarily good for the group
c. an event that precedes another is necessarily the cause of the latter
d. intentions need not coincide with actions
e. the composition of a complex product is not revealed by its exterior appearance
B
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The above figure shows the demand curve for movie rentals from Redbox. Which of the following is TRUE?
A) Consumer expenditure on movie rentals will always increase whenever Redbox lowers its price. B) Redbox will receive more total revenue if it charges $4.00 per movie rental rather than $3.00. C) The price elasticity of demand for movie rentals falls as Redbox raises its price. D) The demand for movie rentals is more price inelastic at $1.00 than it is at $1.50.
Since 1970, the share of income in the
A. lowest quintile has increased and the share in highest has decreased. B. lowest quintile has decreased and the share in highest has increased. C. lowest quintile has increased and the share in highest has increased. D. lowest quintile has decreased and the share in highest has decreased.
Consider Figure 12.5. Not confessing is a dominant strategy for:
A. player A but not player B. B. player B but not player A. C. both players. D. neither player.
In the long run, the perfectly competitive firm
A. earns an economic profit. B. earns only a normal profit. C. does not have a shut down price. D. may produce even if it suffers a loss.