Final answer:
A model is a simplified representation for specific purposes, whereas a theory provides a broad, conceptual understanding of a phenomenon. Answer c) is correct as it states that a model is a simplified representation, whereas a theory is a comprehensive explanation.
Step-by-step explanation:
When distinguishing between a model and a theory, it is crucial to understand that a model is a simplified representation used for specific purposes, such as clarifying concepts or conducting tests. On the other hand, a theory is a more comprehensive explanation of a phenomenon that is based on a body of evidence and can encompass several models within its framework. Therefore, the correct answer is c) A model is a simplified representation, while a theory is a comprehensive explanation. Within the context of economics and some other sciences, models and theories may occasionally be used interchangeably; however, they serve different functions. Models often operationalize theories to test their predictions or to simulate scenarios under various conditions.
In summary, while both theories and models are fundamental to the scientific process, they serve distinct but complementary roles. Theories provide broad, conceptual frameworks for understanding phenomena, while models are practical tools that can be used to test and apply those theories.