Abstraction can be thought of as
A. avoiding reality in order to build theory.
B. omitting unimportant details in order to understand complex phenomena.
C. relying on absurdity to explain simplicity.
D. making complex assumptions when simple facts are sufficient.
E. stylizing reality rather than analyzing cause and effect.
Answer: B
You might also like to view...
Since the 1970s, the income tax system in the U.S. has become
a. less regressive. b. more aggressive. c. less progressive. d. regressive e. more proportional.
Along a linear demand curve, as the price increases from zero,
a. demand decreases b. demand increases c. quantity demanded increases d. total revenue first increases but eventually decreases e. total revenue first decreases but eventually increases
Monopolistically competitive firms could reduce the average total cost of producing by increasing output; therefore, these firms have
Refer to the data below. Over which price range is the demand unit-elastic?
A. $18-$16
B. $16-$14
C. $14-$12
D. $12-$10