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Author Question: The purpose of making assumptions in economic model building is to A) force the model to yield ... (Read 59 times)

dalyningkenk

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on: Jul 1, 2018
The purpose of making assumptions in economic model building is to
 
  A) force the model to yield the correct answer.
  B) minimize the amount of work an economist must do.
  C) simplify the model while keeping important details.
  D) express the relationship mathematically.

Question 2

Assume a consumer has a horizontal demand curve for a product. His consumer surplus from buying the product
 
  A) is maximized.
  B) can't be calculated.
  C) equals zero.
  D) Need more information.


nixon_s

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Reply #1 on: Jul 1, 2018
Answer to Question 1

C

Answer to Question 2

C


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