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Which of the following best describes a model in economics?a)A detailed representation of all economic variables and their interactions.b)A simplified representation of economic relationships, focusing on important variables.c)An abstract concept unrelated to economic variables.d)A collection of random economic data.Correct answer is option 'B'. Can you explain this answer? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about Which of the following best describes a model in economics?a)A detailed representation of all economic variables and their interactions.b)A simplified representation of economic relationships, focusing on important variables.c)An abstract concept unrelated to economic variables.d)A collection of random economic data.Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Which of the following best describes a model in economics?a)A detailed representation of all economic variables and their interactions.b)A simplified representation of economic relationships, focusing on important variables.c)An abstract concept unrelated to economic variables.d)A collection of random economic data.Correct answer is option 'B'. Can you explain this answer?.

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