An economic model is defined as:
a. a value judgment.
b. a presentation of all possible relevant real-world variables.
c. a simplified representation of the way in which facts are related.
d. data adjusted for irrational actions.
c
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George is offered an investment option by his friend. He asks George for $6,900 and offers to repay him $12,990 after a period of ten years
George considers investing his money in his friend's project; however, the bank in his community offers an annual rate of interest of 9% on every deposit. Which do you think is the better investment option for George?
In many areas of the country, electricity customers pay a set per unit price for each of the first X kilowatts and a lower per unit price for any additional kilowatts of electricity consumed in a month
This is an illustration of second-degree price discrimination. Indicate whether the statement is true or false
When average total cost is decreasing as output expands: a. average fixed cost must be increasing
b. average variable cost must be falling. c. marginal cost must be greater than average total cost. d. marginal cost must be less than average total cost.
If there is an increase in demand for a good, what will most likely happen to the price and quantity of the good exchanged? Price Quantity
A. No change No change B. Increase Increase C. Increase Decrease D. Decrease Increase E. Decrease