What pitfall is linked with adding up individual behaviors?
a. rationality
b. the fallacy of composition
c. correlation and causation confusion
d. the economic problem
b. the fallacy of composition
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Suppose that choice sets are convex. State assumptions about tastes that are necessary and sufficient to guarantee that the solution to the consumer optimization problem is a unique interior solution. (Explain)
What will be an ideal response?
Mechanic lien laws grant property rights to labor. They allow labor to make claims against the real property of businesses for work completed or materials supplied
Indicate whether the statement is true or false
The state of Florida is considering putting an excise tax on either good X or good Y. An economist discovers the supply of good X is more elastic than the supply of good Y, while the demand elasticities are identical. Which good should Florida tax in order to minimize the deadweight loss of the tax?
The IPCC is an acronym that stands for:
A. International Panel on Climate Change. B. International Plant Cultivation Committee. C. Intergenerational Pact on Carbon Conservation. D. International Proponents of Carbon Conservation.