Which Types of Models Are Built with Assumptions

question 90

Multiple Choice

Which types of models are built with assumptions?

• A)economic models, but not models in other disciplines such as physics and sociology
• B)economic models as well as models in other disciplines such as physics and sociology
• C)models that are built for teaching purposes but not for research purposes
• D)No models are built with assumptions.

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Definitions:

Clause

A specific provision or section within a contract or legal document that stipulates particular terms, conditions, or obligations.

Frustrated Contract

A legal concept describing a contract that, due to unforeseeable circumstances, has become impossible to perform, thus being voided without penalty to either party.

Material Alteration

The major alteration of an agreement that has the effect of discharging the contract and replacing it with another.

Renegotiate

The process of revising the terms and conditions of an existing contract through mutual agreement between the involved parties.