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A simplified version of reality used to analyze real-world situations is (a) a. Model b. Market...

A simplified version of reality used to analyze real-world situations is (a)

a. Model

b. Market

c. Marginal analysis

d. Optimal decision

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Answer #1

ANSWER : OPTION A ; MODEL

A simplified version of reality used to analyze real-world situations is a model. An economic model is the one which represents the real world situations in a very simplified form. It is a simplified representation of reality. A model is very important and useful in many things. It helps in predictions and forecasting. Model helps the policy maker or an economist to observe and make effective predictions and policies for the real world situations. So the correct answer is option A.

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