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sp2606 [1]
3 years ago
13

An economic model A. uses equations to understand normative economic phenomena B. often omits crucial elements C. simplifies rea

lity in order to focus on crucial elements D. tries to make simple concepts more complex E. cannot be proven wrong
Social Studies
1 answer:
ra1l [238]3 years ago
5 0

Answer: Option(c) is correct

Explanation:

Economic model is the concept that depict the real economic behavior and processes through hypothetical construction.It helps in understanding the complex concept of economic procedures with ease,simplicity and logically.It helps in testing theories and representing relationships.

Other options are incorrect because economic model not increase complexity in understanding concept, can be proven incorrect,does not includes critical elements and equation usage is not done in normative concept. Thus, the correct option is option(c).

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The selection of which point on the production possibilities frontier is most likely to result in the largest increase in econom
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<h3>What is production possibility frontier?</h3>

Production possibility frontier shows that there limits on production and that a good will increase of there is a corresponding increase in another.

may increase only if the production of the other commodity decreases.

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