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.
Answer:C
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.