Question

Which of the following statements is true of theories in​ economics? Theories in economics A. are used to construct models from which quantitative predictions can be made. B. are developed to explain observed phenomena free from restrictions imposed by a set of basic rules. C. are never modified or refined. D. Both A and B are correct. E. None of the above.

Answer 1

A. are used to construct models from which quantitative predictions can be made

Step-by-step explanation:

Economists have long used quantitative methods to provide us with theories and explanations on why certain things happen in the market. Why a given economic system behaves the way it does.