Which statement does NOT illustrate a characteristic of an economic model?
A) A model simplifies reality.
B) A model can explain how the economy is organized.
C) A model can assume away irrelevant details.
D) A model's conclusions are unrelated to assumptions

Question

Quizplus · Accepted Answer

This statement is incorrect because a model's conclusions are based on its assumptions. The assumptions determine the scope and limitations of the model, and its conclusions are derived from those assumptions.

Which Statement Does NOT Illustrate a Characteristic of an Economic