Which of These Statements About Economic Models Is Correct

question 178

Multiple Choice

Which of these statements about economic models is correct?

• A)For economists,economic models provide insights about the world.
• B)Economic models are built with assumptions.
• C)Economic models are often composed of equations and diagrams.
• D)All of the above are correct.

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Definitions:

Firm Offer Rule

A legal principle stating that a merchant’s offer to buy or sell goods, assuring that the offer will remain open for a certain period, is binding and cannot be revoked.

Merchant Offeror

A seller or provider of goods or services considered legally as a "merchant," often involved in making offers in the course of business.

Writing

The act or process of composing text or documenting information in a durable medium.

Offeror

The party in a contract who makes the offer to enter into an agreement.