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Unformatted text preview: Economics Review 1. Film for Camera: Complementary goods: two goods that are bought and used togeth- er. 2. Increase in demand for a good can be caused by: a. increase in individuals taste for the good b. increase in the price of a substitute good c. an increase in the number of buyers in the market 3. Inelastic demand: subway lowers its fares and decrease in revenue. 4. -Ceteris Paribus: with all things the same- Post Hoc Fallacy: since this event came before that one, it must have caused it. ie. if you go to the beach and then it rains, dont mean you caused the rain.-fallacy of composition: just because something is good for a unit cant assume it is good for the aggregate. ie. If you leave the park a few mins early, you avoid traffic, if everyone leaves a few mins early therell be traffic....
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This note was uploaded on 11/10/2009 for the course THEO 2851 taught by Professor Schapiro during the Spring '09 term at Fordham.
- Spring '09