The first step in economic analysis is to
A) explore how the equilibrium changes if the constraints change.
B) make explicit assumptions about the desirability and the cost of various alternatives.
C) apply the equimarginal principle to the problem being considered.
D) determine how agents' constraints are interrelated.
Correct Answer:
Verified
Q30: An economic model,even if unrealistic,is useful as
Q31: Economic models start with the assumption of
A)
Q32: Which of the three stages of economic
Q33: The embarrassment theory suggests why shopping carts
Q34: In the supply/demand model,prices and quantities are
Q36: An equilibrium is an outcome in which
A)
Q37: The economist assumes that people act in
Q38: In the consumer-choice model,the economist examines how
Q39: When an economist talks about equilibrium he
Q40: In a model that analyzes the effects
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents