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Business, 13.09.2021 22:50 barboursj

An economic model is developed from a set of assumptions about consumer behavior and predicts that people will buy less of a good the higher the price of the good. Empirical testing of this model would involve A. the collection of data to evaluate the usefulness of the model. B. carefully tracing all steps from the assumptions to the implication to make sure there have been no errors in logic. C. asking a lot of people if they think the model is correct. D. checking the assumptions carefully to make sure that they realistically depict human behavior.

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