Multiple Choice
In the context of economics and business operations, which constraint prevents a firm from creating an order for a customer who does not exist in its records?
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0. Basic Principles of Economics
Introduction to Economics
Struggling with Microeconomics?
Join thousands of students who trust us to help them ace their exams!Watch the first videoMultiple Choice
Which of the following steps does an economist NOT take when studying the economy?
A
Developing theories to explain economic phenomena
B
Using models to make predictions about economic behavior
C
Ignoring data and relying solely on personal opinions
D
Collecting and analyzing relevant data
Verified step by step guidance1
Understand that economists study the economy by following a systematic approach that involves developing theories, using models, and analyzing data.
Recognize that developing theories to explain economic phenomena is a fundamental step where economists create frameworks to understand how economic agents behave.
Know that economists use models to simplify reality and make predictions about economic behavior based on their theories.
Acknowledge that collecting and analyzing relevant data is essential for testing theories and validating models against real-world observations.
Identify that ignoring data and relying solely on personal opinions is NOT a step taken by economists, as economics relies on empirical evidence and rigorous analysis.
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