Einstein Was Quoted Saying "Everything Should Be Made as Simple

question 15

Multiple Choice

Einstein was quoted saying "Everything should be made as simple as possible,but not simpler." When it comes to economic models this means that

• A) models shouldn't be too complex.
• B) models shouldn't be too simple.
• C) models should have a level of abstraction appropriate to the topic investigated.
• D) all of the above

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Definitions:

Void Contract

An agreement that is invalid from the outset and has no legal force or effect, making it unenforceable by law.

Cure

A breaching party’s right to provide conforming goods when nonconforming goods were initially delivered; subject to a reasonable time test.

Price Reduction

A decrease in the selling price of goods or services, often used as a strategy to increase consumer demand or clear out inventory.

Void Contract

An agreement that lacks legal enforceability or is null from its inception due to certain legal deficiencies.