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An economic model: Question 16 options: allows nothing to change in the economic situation that is being described. is useful for explaining past economic conditions

An economic model: Question 16 options: allows nothing to change in the economic situation that is being described. is useful for explaining past economic conditions but not for predicting future outcomes. often leads to faulty conclusions because of the ceteris paribus assumption. is a simplified version of reality used to understand real-world economic conditions

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