The Supply and Demand Model Is the Workhorse of the Principles

question 9

Multiple Choice

The supply and demand model is the workhorse of the principles of economics because it:

• A) is a useful model by which students can be introduced to economic reasoning.
• B) is a perfect model and can never be improved upon.
• C) does not have to have any empirical testing to back up the results of the model.
• D) follows directly from the inductive approach to economics.