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The mistaken belief that what seems like a good deal for one person will still be a good deal when everyone does it. :)
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What are the different fallacies in microeconomics?
The Fallacy of Composition: Belief that individual benefit automatically translates into social benefit The Post Hoc Fallacy: (cause-and-effect fallacy) because event A took place, event B was caused by event A The Fallacy of Single Causation: A single factor or person caused a particular event to occur.
What phrase describes the mistaken belief that a good deal for one person will be equally good if everybody makes the same deal?
Fallacy of composition
Is this a fallacy - 'The countries of Michigan clearly need the ability to raise additional sources of revenue not only to meet the demands of growth but also to maintain exis'?
This is begging the question fallacy
What term best describes the fact that the existence of a corporation can be never-ending?
The best term is probably "fallacy".
Can you provide an example of the sunk cost fallacy from the video or from your own experiences?
The sunk cost fallacy is when someone continues to invest time, money, or effort into something because they have already invested a lot, even if it no longer makes sense. An example could be someone staying in a failing relationship just because they have been together for a long time, despite it being unhealthy.
