The MOST common way in which economists model a problem is by:
A) making sure as many details and facts are included.
B) simplifying the model down to its basic relevant elements.
C) avoiding assumptions as much as possible in order to avoid misrepresenting reality.
D) using case studies to analyze individual real-life examples of problems.

Question

Quizplus · Accepted Answer

Economists typically simplify models to focus on the most relevant elements, allowing them to analyze and understand complex economic phenomena without unnecessary complications.

The MOST Common Way in Which Economists Model a Problem