Which of the Following Statements Is NOT True

question 83

Multiple Choice

Which of the following statements is NOT true?

• A)Economic theory often makes unrealistic assumptions.
• B)Economists ignore details to focus on complex problems.
• C)Abstraction is not an important part of economic analysis.
• D)The word theory means different things to economists and to ordinary people.

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Definitions:

Supply

The total amount of a specific good or service that is available to consumers at a given price and time.

Quantity Supplied

The amount of a good or service that producers are willing to offer for sale at a particular price over a given period of time.

Economy Moves

The dynamic changes and shifts in economic activity and trends over time, including growth, recession, and recovery phases.

Demand

The quantity of a product or service that consumers are willing and able to buy at a given price over a specified period.