Question: An economic model A . must capture all relationships between all variables in order to accurately anaylze a particular problem or answer a particular question.
An economic model
A must capture all relationships between all variables in order to accurately anaylze a particular problem or answer a particular question.
B can never be completely realistic, and therefore is of little value for analytic purposes.
C should capture only the essential relationships that are sufficient to analyze a particular problem or answer a particular question.
D must represent every detail of the real world in order to be of value.
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