Question

The importance of an economic model is that it allows us to:
a. avoid opportunity costs.
b. build an accurate mathematical model of every aspect of the economy.
c. focus on the effects of only one change at a time.
d. build a complex and accurate model of how the economy should work.

Answer 1

Answer:

c. focus on the effects of only one change at a time.

Explanation:

An economic model is a theoretical (mathematical or not) construct used to explain or make predictions about economic behavior, its goal is to simplify complex processes to understand economic issues. It uses variables to study an specific change at a time.

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