____ is a simplified description of reality, designed to yield hypothesis about economic behaviour that can be tested.
A) theory
B) postulate
C) proposition
D) economic model
Correct Answer:
Verified
Q15: The larger the standard error, the -----
Q16: -? represents:
A)Diminishing returns to scale
B)Increasing returns to
Q17: _ is the best criteria to judge
Q18: The given function f (x) = ax
Q19: The given function f (x) = ax2
Q20: For a utility function u = xy
Q21: Given a consumption function C = 250
Q22: For a total cost function TC =
Q23: Abstraction from reality is made based on
Q25: _ models are mathematical models designed to
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