In order to understand when a model may not be accurate, which is not an important action to take?
A. Make sure assumptions made in the model are clear and accurate.
B. Make sure the model all includes all possible details.
C. Test the model for accuracy.
D. Identify what important details were omitted when developing a model.
Answer: B
Economics
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A market economy produces the optimal amount of each good at least cost where:
A) P > ATC. B) P = ATC. C) P > AVC. D) P = MR.
Economics
Stores such as Costco and Sam's Club require an annual membership before you can shop there. This is a form of
A) two-part pricing. B) price gouging. C) a tie-in sale. D) anti-competitive behavior.
Economics