Concluding that because free trade is beneficial for the
Concluding that because free trade is beneficial for the economy as a whole, it must be beneficial for each individual is an example of the:
a. ad hoc fallacy.
b. ceteris paribus fallacy.
c. fallacy of division.
d. fallacy of composition.
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economic theory leads to the conclusion that under certain circumstances the free-market outcome is efficient
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concluding that because free trade is beneficial for the economy as a whole it must be beneficial for each individual
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game theory suggests that competing firms in an oligopolistic industry may bea too quick to raise prices because they
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