To be useful, a model must
A) predict accurately all of the time.
B) predict more accurately than other models that have been developed.
C) have assumptions that have been verified by empirical testing.
D) predict the behavior of every individual.
Answer: B
Economics
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Refer to the scenario above. Maria should choose to:
A) drive, as it will save her $120. B) travel by train, because it is quicker. C) drive, as it will give her a real saving of $150. D) travel by train, as it will save her $30 in travel time.
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When a firm operates with excess capacity, it must be in a monopolistically competitive market
a. True b. False Indicate whether the statement is true or false
Economics