A good economic model
A) describes every aspect of the economic world, with no exception.
B) includes all those features of the world that can be described numerically.
C) includes only those features of the world that are needed for the purpose at hand.
D) should not include more than two variables.
Question 2
Price taking behavior exists in
A) perfectly competitive markets.
B) markets with a monopolist, where consumers have to take price as it is given to them by the monopolist.
C) automobile markets where consumers have to take the price set by the dealer.
D) Both answers B and C are correct.
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