Economic Models
Economic models
a. are constructed to mirror reality as closely as possible, and in this respect economic models are no different from other scientific models.
b. are constructed to mirror reality as closely as possible, and in this respect economic models are very different from other scientific models.
c. are simplifications of reality, and in this respect economic models are no different from other scientific models.
d. are simplifications of reality, and in this respect economic models are very different from other scientific models.
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