What Is the Main Difference Between a Conceptual Model and a Physical

question 104

Multiple Choice

What is the main difference between a conceptual model and a physical model?

• A)A physical model represents shape and form while a conceptual model describes behavior.
• B)A conceptual model represents shape and form while a physical model describes behavior.
• C)Only physical models can be used to represent the real world.
• D)Only conceptual models can be used to depict concepts.
• E)Physical models and conceptual models can be used to describe the same things.

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Definitions:

Income Effect

The change in consumption that results from a change in real income or purchasing power.

Demand Function

A mathematical model that describes the quantity of a good or service demanded at various prices, holding other factors constant.

Substitution Effect

The substitution effect is a concept in economics that describes how consumers change their consumption patterns in response to changes in the prices of goods, opting for cheaper alternatives when prices increase.

Income

Money received, especially on a regular basis, for work, through investments, or from any other source.