Is It Possible to Express an Economic Model in Words

question 144

Multiple Choice

Is it possible to express an economic model in words without diagrams?

• A)No, models can only be stated in diagrams.
• B)No, the very definition of model requires mathematical form.
• C)Yes, some of the simplest models are verbal statements.
• D)Yes, although the best models always use diagrams.
• E)Uncertain, economic theory has not answered this question yet.

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Definitions:

Clayton Act

A U.S. antitrust law enacted in 1914 aimed at promoting fair competition and preventing corporate behaviors that lead to monopolies.

U.S. Department of Justice

The federal executive department responsible for enforcing the laws of the United States and administering justice.

Sherman Act

A foundational antitrust law in the United States aimed at prohibiting monopolies and promoting competition.

Blu-ray

A digital optical disc data storage format known for its ability to store high-definition video and large amounts of data.