Economists make assumptions because
a. they need to incorporate value judgments into their models.
b. analysis without assumptions would be impossibly complex.
c. they always have imperfect information about reality.
d. assumptions are the final product of careful economic analysis.
e. assumptions allow economists to ignore things that they cannot explain.
b
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Which item would probably have inelastic demand for a student?
(A) Sneakers (B) Ball point pen (C) School bus pass (D) Mouse pad
The labor market in Major League Baseball features
A) monopolistic competition between the teams and professional baseball players. B) an oligopoly by the League in employing professional baseball players that is offset by an oligopsony by the players in the labor market. C) a monopsony by the League in employing professional baseball players that is offset by the players' membership in a labor union. D) a monopoly by the League in employing professional baseball players that is offset by the players' membership in a labor union.