To Avoid the Fallacy of Composition,one Must Recognize That

question 151

Multiple Choice

To avoid the fallacy of composition,one must recognize that

• A) what is true for a part must also be true for the whole.
• B) what is true for a part is not necessarily true for the whole.
• C) because one event precedes another,the first event necessarily caused the second.
• D) because one event precedes another,the first event did not necessarily cause the second.
• E) correlation implies causation.

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Definitions:

Elastic

Describes a situation in economics where the demand or supply for a good or service significantly changes in response to a change in price.

Substitute Goods

Products or services that can be used in place of one another, with their demand being inversely related: as the price of one rises, the demand for the other increases.

Margarine

A butter substitute made from vegetable oils or animal fats, often used in cooking or as a spread.

Inelastic

A characteristic of a good or service whose quantity demanded or supplied changes by a smaller percentage than changes in price.