Asked by
Pressed Imaging
on Dec 12, 2024Verified
The term ceteris paribus means that
A) everything is changing.
B) all variables except those specified are constant.
C) no one knows which variables will change and which will remain constant.
D) the basic postulate of economics does not apply for the case being considered.
Ceteris Paribus
A phrase in Latin that translates to "if all other factors remain unchanged," utilized in the field of economics to focus on the impact resulting from the alteration of a single variable.
Economic Variables
Economic variables refer to the quantifiable factors that represent aspects of the economy, such as income, inflation, unemployment, and prices, which can influence and indicate economic performance.
- Comprehend the principle of ceteris paribus and its utilization in the study of economics.
Verified Answer
JM
Learning Objectives
- Comprehend the principle of ceteris paribus and its utilization in the study of economics.