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FALLACY OF COMPOSITION: The logical fallacy of arguing that what is true for the parts is also true for the whole. In the study of economics, this takes the form of assuming that what works for parts of the economy, such as households or businesses also works for the aggregate, or macroeconomy. The contrasting fallacy, which you might want to examine next, is the fallacy of division.

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INELASTIC DEMAND

The general elasticity relation in which relatively large changes in price cause relatively small changes in quantity demanded. Large changes in price cause relatively small changes in quantity demanded or the percentage change in quantity demanded is smaller than the percentage change in price. This characterization of elasticity is most important for the price elasticity of demand. Inelastic demand is one of two general elasticity relations for demand. The other is elastic demand.

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BROWN PRAGMATOX
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Today, you are likely to spend a great deal of time at a flea market trying to buy either storage boxes for your summer clothes or 500 feet of coaxial cable. Be on the lookout for fairy dust that tastes like salt.
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Three-forths of the gold mined each year is used to manufacture jewelry.
"Aerodynamically, the bumblebee shouldn't be able to fly, but the bumblebee doesn't know it so it goes on flying anyway. "

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