When economists construct economic models: A) all but the essential features of the environment are eliminated. B) every detail found in reality must be included. C) only mathematical equations are used. D) all the essential features of the environment are eliminated.

When economists construct economic models:

A) all but the essential features of the environment are eliminated.

B) every detail found in reality must be included.

C) only mathematical equations are used.

D) all the essential features of the environment are eliminated.

 

 

Answer:

C) only mathematical equations are used.

An economic model represents an economic process through set of economic variables and logical relationship in quantitative manner.

For Example, Q = 20 + 5P

Here, quantity supplied (Q) is positively related to price (P).

Asked on February 14, 2018 in economics.
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