Which of the following best illustrates the fallacy of composition? a. if mr. smith had more money, he could buy more scarce goods; if the adams family had more money, it could buy additional goods. b. if ms. spann had more money, she could buy more scarce goods; if the nation had more money, everyone could buy more scarce goods. c. if other variables are not held constant, economists may not observe the relationship between price and quantity demanded that is expected. d. aggregate consumption may not behave in the same manner as the consumption of a particular individual
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Which of the following accurately describes a situation in which consumers have elastic demand? a. a restaurant starts using margarine instead of butter because butter becomes more expensive. b. consumers boycott a restaurant because the waiters aren't paid minimum wage. c. a company starts using sugar instead of corn syrup because its revenues are up. d. people give up eating pasta and bread because they want to lose weight. 2b2t
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What are the benefits of different types of career education, like community colleges, vocational training programs, and four-year colleges?
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The servers at gerry frasier's busy ice cream shop decided that putting more ice cream in the sundaes and cones would bring back more customers. after three months, gerry was surprised to discover that his profit had
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Which of the following best illustrates the fallacy of composition? a. if mr. smith had more money,...
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