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Suppose that initially a market is in equilibrium at a price of $10 and a quantity of 5000 units per day. Several months later, the market is in a new equilibrium at a price of $5 and a quantity of 5000 units per day. What happened in the market?
Fallacy of Composition
The incorrect belief that what is true for the individual is necessarily true for the group as a whole.
Empirical Measure
A quantitative determination obtained through observation and experimentation rather than theory.
Variable
A measure that can change from time to time or from observation to observation.
Causality
Describes a relationship where one event (the cause) directly affects the outcome of another event (the effect).
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