any model is based on making assumptions because\na. we cannot analyze an economic issue unless we reduce…

any model is based on making assumptions because\na. we cannot analyze an economic issue unless we reduce its complexity.\nb. models have to be simplified to be useful.\nc. both a and b.\nd. neither a nor b.

any model is based on making assumptions because\na. we cannot analyze an economic issue unless we reduce its complexity.\nb. models have to be simplified to be useful.\nc. both a and b.\nd. neither a nor b.

Answer

Brief Explanations:

Economic models simplify real - world complexity. Reducing complexity is necessary to analyze economic issues, and simplification makes models useful.

Answer:

C. both a and b.