An economic model is
a. a plastic scaled version of the economy
b. a complete depiction of reality
c. an abstraction of reality
d. applicable to consumer behavior but not to producer behavior
e. not an accepted tool of the economics profession
C
Economics
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Ed's construction company has the following short-run cost function: q3 - 10q2 + 36q
a. What level of output will minimize the average cost? What is the AC at this point? b. Does the production process indicate diminishing returns? How can you tell?
Economics
Which of the following is NOT a generally accepted measure of the riskiness of an investment?
A) Standard deviation B) Expected value C) Variance D) none of the above
Economics