An economic model is defined as:
A. a value judgment.
B. a presentation of all possible relevant real-world variables.
C. a simplified representation of the way in which facts are related.
D. data adjusted for irrational actions.
Answer: C
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Which of the following is true? In the above figure, if the market is
A) a monopoly, output will be Q1 and price will be P3. B) a monopoly, output will be Q3 and price will be P3. C) perfect competition, output will be Q2 and price will be P2. D) perfect competition, output will be Q1 and price will be P1. E) perfect competition, output will be Q3 and price will be P3.
An increase in the demand for commercial complexes will: a. shift the demand for land curve to the left. b. shift the demand for land curve to the right. c. decrease the rental earnings from land
d. decrease the quantity of land demanded.