The ability to make a credible commitment is necessary for the first mover to gain an advantage in a sequential game

An economic model is

A) a generalization that summarizes all the normative assumptions we make about a particular issue. B) a description of some aspect of the economic world that includes only those features of the world that are needed for the purpose at hand. C) a statement that describes how the world should be. D) a collection of facts that describe the real world.

List the three basic economic questions that all societies must answer

What will be an ideal response?