Which of these statements about economic models is correct?
a. For economists, economic models provide insights about the world.
b. Economic models are built with assumptions.
c. Economic models are often composed of equations and diagrams.
d. All of the above are correct.
d
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Research in history and economic history shows that before 1880, significant federal participation in the markets of the American economy occurred
Indicate whether the statement is true or false
Markets can be least well-defined by
a. product similarity b. location c. price elasticity d. cross-price elasticity e. degree of firm interdependence
Capital goods are final goods, but their production is NOT part of GDP.
a. true b. false
Describe the essential features of the kinked-demand model of oligopoly pricing
What will be an ideal response?