Which of the following statements is NOT true?
A. Economic theory often makes unrealistic assumptions.
B. Economists ignore details to focus on complex problems.
C. Abstraction is not an important part of economic analysis.
D. The word theory means different things to economists and to ordinary people.
Answer: C
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In quantity theory terms, during a hyperinflation,
A) money supply increases rapidly, but velocity does not B) velocity increases rapidly, but money supply does not C) both the money supply and velocity increase rapidly D) neither the money supply nor velocity increase rapidly
In ____ price discrimination, the monopolist charges each consumer the highest price that purchaser is willing to pay for each unit purchased (provided that this price exceeds the marginal cost of production)
a. first-degree b. second-degree c. third-degree d. a and b e. none of the above