Asked by
Emilee Garner
on Nov 26, 2024Verified
The purpose of the ceteris paribus assumption used in economic analysis is to
A) avoid making normative statements.
B) distinguish macroeconomics from microeconomics.
C) make sure that all relevant factors are considered.
D) focus on the effect of a single factor on a certain variable.
Ceteris Paribus
A Latin phrase meaning "all other things being equal," used in economics to isolate the effect of one variable change.
Economic Analysis
A systematic approach to examining the allocation, distribution, and use of resources, often involving trade-off assessments and opportunity cost considerations.
Single Factor
A term in economics and production referring to the focus on one variable or input while analyzing its impact on an output or outcome.
- Apply the ceteris paribus assumption to isolate variables in economic analysis.
Verified Answer
SH
Learning Objectives
- Apply the ceteris paribus assumption to isolate variables in economic analysis.