A useful economic model

A) utilizes only the two most important factors to analyze the problem under consideration.
B) generates statements that are incapable of refutation.
C) represents every detail of the real world.
D) yields usable predictions and implications for the real world.

D

Economics

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In the long run, perfectly competitive firms earn just enough revenue to

A) pay all fixed costs. B) pay all accounting costs. C) pay all opportunity costs. D) attract entry.

Economics

It is not optimal to have equal incomes.

Answer the following statement true (T) or false (F)

Economics