A Basic Assumption Used in Many Economic Models Is

question 110

Multiple Choice

A basic assumption used in many economic models is:

• A) as price goes up, the amount purchased will go up too.
• B) as price goes up, less will be offered for sale on the market.
• C) if the underlying theory doesn't represent reality, it is not useful.
• D) ceteris paribus, which means all other things remain unchanged.

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Definitions:

Claviceps

A genus of fungi known for infecting grains and producing toxic alkaloids, notably causing ergotism when consumed by humans and animals.

Psilocybe

A genus of psychedelic mushrooms that contain psilocybin and psilocin, substances known for their psychoactive properties.

Penicillium

A genus of fungi used in the production of penicillin, a group of antibiotics derived from natural sources.

Aspergillus

A genus of fungi that includes several species which can be pathogenic to humans or used in the fermentation industry.