Which types of models are built with assumptions?
a. economic models, but not models in other disciplines such as physics and biology
b. economic models as well as models in other disciplines such as physics and biology
c. models that are built for teaching purposes but not for research purposes
d. bad models
b
Economics
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Assume equilibrium real GDP per year is equal to full-employment real GDP. If aggregate demand falls, then
A) the price level will increase in the short run and decrease in the long run. B) long-run aggregate supply will eventually decrease too. C) there will be an expansionary ga
Economics
What is a dominant strategy equilibrium?
What will be an ideal response?
Economics