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Assumptions made in conjunction with economic theorizing:

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Please verify answer and why is it?;3. Assumptions made in conjunction with economic theorizing;a)Can be unrealistic, if when they are relaxed, the outcome is essentially unchanged.;b) Make the output of economic modeling useless.;c) Must be avoided to the extent possible.;d) Must be realistic and consistent with known real-world conditions if the predictions of the theory are to be useful for practical purposes.

 

Paper#24570 | Written in 18-Jul-2015

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