A ____ Is a Representation of the System Being Studied

question 36

Multiple Choice

A ____ is a representation of the system being studied, which we claim behaves much like the original.

• A)problem
• B)concept
• C)replica
• D)model

---

Definitions:

Economic Rent

The excess payment made for a factor of production over its opportunity cost.

Total Supply

The total amount of a product or service available for purchase at any given price point.

Henry George

A 19th-century economist known for his belief that people should own the value they produce but that land and natural resources should belong to the community.

Economic Rent

Extra income generated because of ownership of a scarce resource or possession of a unique skill or capability.