Fallacy of Composition: How long is a Price Sticky?
Opening Quizzes . How long is the price, the wage or the interest rate sticky? <Group 1> The price of a good or a service ( answer ) Grocery ( a week ), wine ( a month ), engine oil ( a quarter ), haircut ( a year ), dental treatment ( three years ), DMV service ( 10 years ) <Group 2> The wage rate Daily bread-earner ( a day ), weekly contractor ( a week ), the factory worker ( a fortnight ), blue-berry picker ( a month ), cabbage-field worker ( a quarter ), cotton-field worker (two quarters) office worker ( a year ), housemaid ( five years ), slave ( lifetime ) <Group 3> The rental rate of a site Hotel room ( a day ), motel room ( a week ), summer camp ( a quarter ), cottage around a working-holiday farm ( a year ), urban apartment ( two years ), office building ( five years ), warehouse (10 years), charted land (99 years) <Group 4> The rental rate of capital stock Coin-car cleaner ( a minute ), washing machine ( 10 minut...