Economic models do all of the following except
A) simplify some aspect of economic life.
B) answer economic questions.
C) make economic ideas explicit and concrete for use by decision makers.
D) portray reality in all its minute details.
D
Economics
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Local electric or gas utility companies mostly operate in which market structure?
A. Monopolistic competition B. Pure competition C. Pure monopoly D. Oligopoly
Economics
The price elasticity of cigarettes has been estimated as -0.5. The government has decided that they want to decrease the amount that people in the United States smoke by 10%. It follows that they must institute measures that would raise the price of cigarettes by
a. 5% b. 10% c. 15% d. 20%
Economics