A model refers to:
A) a perfect replica of reality.
B) a simplified description, or representation, of reality.
C) facts, measurements, or statistics that describe the world.
D) a set of facts established by observation and measurement.
B
Economics
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Suppose the price of leather used to produce shoes increases. The higher price of leather ________ the supply of shoes and the supply curve of shoes ________
A) increases; shifts rightward B) increases; shifts leftward C) decreases; shifts rightward D) decreases; shifts leftward E) does not change; does not shift
Economics
If the social value of producing robots is greater than the private value of producing robots, the private market produces too few robots
a. True b. False Indicate whether the statement is true or false
Economics