What is the appropriate degree of abstraction?
a. The more detail there is, the better.
b. The detail should be minimized in order to avoid all complexity.
c. Abstraction is unnecessary, and should be avoided.
d. Abstraction is the essence of analysis, and is pursued for its own sake.
e. It depends on the objective of the analysis.
e
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When positive economic profits exist in an industry:
A) the market price of the good produced by the industry is less than the average total cost of the industry. B) resources flow from less productive uses to that particular industry. C) there is an exit of firms from the industry. D) the market price of the good produced by the industry is less than the marginal cost faced by the industry.
The main goal of monetary policy for recent Fed Chairmen has been to maintain high employment in labor markets
Indicate whether the statement is true or false