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A common of models used by economists is that they reflect the complete complexity of the world. O praise, do not criticism, do not O praise, do O criticism, do I PUILIL POSSIVIC (ylautu, ICSUITS MUCH!) Which of the following is NOT a part of the scientific method? O Hypothesis Model and Theory O Refinement of Hypothesis Form an opinion Markets are in equilibrium when: consumers preferences align in such a way that maximizes the amount they are able to purchase the market price of a good offered for sale is at the lowest possible price O the quantity of a good offered for sale at the market price is equal to the quantity that consumers are willing and able to purchase at that price. O the market price of a good is such that firm profits are maximized Which of the following MOST represents the characteristics of market equilibrium? O Marginal Cost is equal to total profit O Total profits are maximized All relevant agents (buyers and sellers) act in their own self interest, and quantity offered for sale is equal to quantity consumers are willing to purchase at the market price. All relevant agents (buyers and sellers) act in their own self interest and quantity offered for sale is greater than or equal to market price. quantity of bananas 30 25 20 5 10 20 25 30 quantity of apples Austin's budget constraint and budget set is shown in the figure. The non-shaded area to the right of the budget line represents: O consumption bundles that he would prefer not to purchase, regardless if he could afford them or not. O consumption bundles that he cannot afford to purchase. O consumption bundles that if purchased leave Austin with unspent income consumption bundles that are affordable but require him to spend all of his income