An economic model is a(n)
A) philosophical inquiry
B) set of numbers that describe a firm (e.g. ,profits and assets)
C) abstract representation of reality
D) concrete representation of reality
E) ideal to which economic entities are compared
Correct Answer:
Verified
Q131: The ultimate purpose of building an economic
Q132: The opportunity cost of a particular activity
Q133: If Sally purchases a particular compact disk,it
Q134: Suppose your friends take you out for
Q135: In order to eliminate unnecessary details and
Q137: Opportunity costs exist because
A) there is a
Q138: Opportunity costs arise because of resource scarcity.
Q139: A critical assumption differs from a simplifying
Q140: The objective of an economic model is
Q141: High-income people will sometimes pay higher prices
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