If a Specific Market Is Quite Small Relative to the Entire

question 10

Multiple Choice

If a specific market is quite small relative to the entire economy

• A) government intervention is necessary to link it to other markets.
• B) partial- equilibrium analysis is the only tool available to understand this market.
• C) general- equilibrium analysis will be necessary in order to understand this market.
• D) the feedback effects on this market from induced changes in other markets will be very small.
• E) changes in this market will have considerable effects on other markets.

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Definitions:

Essential Self

The characteristics that make a person that particular person.

David Hume

An 18th-century Scottish philosopher, historian, economist, and essayist known for his philosophical empiricism and skepticism, as well as his contribution to the naturalist approach to philosophical questions.

Descartes

A French philosopher, mathematician, and scientist, known for his contributions to the development of modern philosophy and the Cartesian coordinate system.

Single Self

The concept of a unified, singular identity or consciousness that an individual perceives themselves as over time.