An economic model:
A. should include all possible details.
B. always accurately predict cause and effect.
C. should make clear assumptions.
D. will never use simplifying assumptions.
C. should make clear assumptions.
Economics
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A demand elasticity coefficient is a measure of the sensitivity of quantity demanded to a change in one of the determinants of demand
Indicate whether the statement is true or false
Economics
Which of the following is not true of collective decision-making costs?
a. They impede collective action. b. They are the reason why unanimity rule is not the optimal decision-making rule. c. They imply that simple majority rule is the optimal decision-making rule. d. They increase the closer the decision rule gets to unanimity.
Economics