Answer
assumptions
Work Step by Step
To simplify the analysis economic models must make assumptions on which to base the model.
Microeconomics: Principles, Applications, and Tools (8th Edition)
by O'Sullivan, Arthur; Sheffrin, Steven; Perez, Stephen
Published by
Prentice Hall
ISBN 10:
0-13294-886-9
ISBN 13:
978-0-13294-886-9
Chapter 1 - Introduction: What Is Economics? - Exercises - 1.3 The Economic Way of Thinking - Page 14: 3.2 (1)
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