Question: An economic model: Question 16 options: is a simplified version of reality used to understand real-world economic conditions. often leads to faulty conclusions because of

An economic model: Question 16 options: is a simplified version of reality used to understand real-world economic conditions. often leads to faulty conclusions because of the ceteris paribus assumption. is useful for explaining past economic conditions but not for predicting future outcomes. allows nothing to change in the economic situation that is being described

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