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Principles of Microeconomics

7th Edition
N. Gregory Mankiw
ISBN: 9781305156050

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BuyFindarrow_forward

Principles of Microeconomics

7th Edition
N. Gregory Mankiw
ISBN: 9781305156050
Textbook Problem

Should an economic model describe reality exactly?

To determine
The reality of economic models.

Explanation

An economic model is a simplified framework of the real, complex world or a simplified version of reality used to analyze the real-world economic situation and issues. The economist uses the models for the generation of different economic ideas, new concepts, formulation of new principles, ...

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