Economic models
A)are different from the phenomena they attempt to explain.
B)are new phenomena because they are by-products of experimental economics.
C)are not complicated because the behavior they describe is not complicated.
D)are complicated because human behavior is complicated.
E)would not be needed if controlled experiments were used more often.

Question

Quizplus · Accepted Answer

Economic models are simplified representations of reality, designed to explain and predict economic phenomena. They are inherently different from the complex real-world phenomena they attempt to explain.

Economic Models