The best economic theory is the one
a. whose assumptions most closely match reality
b. that yields the most accurate predictions
c. that most simply represents reality
d. that most closely matches the conscious behavior of economic decision makers
e. that includes the most details
B
Economics
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In the long run, a monopolistically competitive firm will produce too little output to minimize average cost. Therefore, it will have
a. positive economic profit b. negative economic profit c. excess profit d. X-inefficiency e. excess capacity
Economics
The equilibrium price and quantity of a good, once attained, will
a. change only if either supply or demand changes b. change only if both supply and demand change c. change only if supply changes d. change only if demand changes e. never change
Economics