In the supply-demand models to analyze the wheat market,we assume that wheat sold by different sellers is largely the same.We make this assumption
A)to test the model.
B)to easily predict the market price.
C)to simplify the model while keeping important details.
D)to avoid the complexities in the real world.

Question

Quizplus · Accepted Answer

Assuming that wheat sold by different sellers is largely the same simplifies the model while keeping important details. It allows us to focus on supply and demand factors that affect the market price without getting bogged down with the complexities of the individual characteristics of each seller's wheat.

In the Supply-Demand Models to Analyze the Wheat Market,we Assume