One reason why economists often use models in their analysis is that
A) a model helps us to understand, explain, and predict economic phenomena in the real world.
B) a model accurately pictures every detail of the real world economy.
C) a model relates to individual thought processes rather than behavior.
D) it is relatively easy to perfectly specify a model.
A
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A market is said to be concentrated when:
a. the degree of competition in the market increases. b. many firms supply to a small number of consumers. c. the firms producing identical goods are clustered in a particular location. d. a firm or a few firms are able to dictate the competitive conditions in a market. e. there is a huge immigration of workers from neighboring areas.
Wages in American industry are very high because of wage laws
a. True b. False Indicate whether the statement is true or false