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Illustration of Economic Reasoning by razorof Occam

Occam’s razor refers to the idea which while evaluating a theory: (1) good theory describes the phenomenon as simply as possible, but not moreso. (2) complexity is obvious to make sure that correct answers are reached. (3) conformity along with reality doesn’t issue. (4) every detail should be considered explicitly to describe any situation in a scientifically complete way. (5) the end justifies the means.

Choose the one answer from the above options.

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