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.
B
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Considering the concept of cross-price elasticity, if two goods are complements:
A. an increase in the price of one will cause a decrease in the demand for the other. B. an increase in the price of one will cause an increase in the demand for the other. C. a decrease in the price of one will cause a decrease in the demand for the other. D. the cross-price elasticity is positive.
Based on the graphic for perfect competition versus monopoly, the deadweight loss for a monopoly is ______.
a. area a
b. area b
c. area c
d. zero
The easy money of Japan during the 1990s and early 2000s:
What will be an ideal response?
If the price of product L increases, the demand curve for close-substitute product J will:
A. shift downward toward the horizontal axis. B. shift to the left. C. shift to the right. D. remain unchanged.