Fallacy of Composition: Indifference Curve and PPF
The market as featured in economics is a typical microcosm out of indefinitely many markets for trade in goods, services, rental rights, physical or intellectual assets and credits or other financial instruments. By conception, there in each and all the markets surely is the unit of account (U), such as $, €, ¥ or ₤, dictated by the sovereignty. Moreover, there on each side of demand or supply is absolutely no budget limit to each and all participants. Each item such as the apple takes the infinitesimal , so to speak, out of the whole budget for all the utilities of various disguises of all the members of each household; the same for all the participating households in the market of the community. Here we make a thought experiment, or a scenario game of imagination. We apply the market logic to the consumer choice model et cetera ...