The standard supply/demand framework:
A) can be modified to explain real-world events.
B) cannot be modified to explain real-world events.
C) should not be modified to explain real-world events.
D) explains real-world events with no need for modification.

Question

Quizplus · Accepted Answer

The standard supply/demand framework is a basic model that can be adapted or modified to better explain the complexities of real-world events, as real-world markets often involve additional factors not accounted for in the basic model.

The Standard Supply/demand Framework