The term "ceteris paribus" means that:
a. everything is variable
b. all variables except those specified are constant.
c. no one knows which variables will change and which will remain constant.
d. what is true for the individual is not necessarily true for the whole.
b
You might also like to view...
The components of the expenditure approach to measuring Gross Domestic Product (GDP) include all of the following EXCEPT
A. nondurable consumer goods. B. durable consumer goods. C. government purchases of goods and services. D. government Social Security payments.
Assume the graphs shown reflect the egg market. The arrow that would best capture the impact of cheaper, prefabricated henhouses on the egg market is:
A. W. B. X. C. Y. D. Z.
Suppose a developing country experiences a reduction in machinery and capital equipment as foreign entrepreneurs decrease the amount of investment in the economy. As a result
A) the economy will move up along the long-run aggregate supply curve. B) the long-run aggregate supply curve will shift to the right. C) the long-run aggregate supply curve will shift to the left. D) the economy will move down along the long-run aggregate supply curve.
Refer to the graph below. When total revenue declines as output expands, demand is:
The following graph shows a total revenue curve for a monopolist.
A. Elastic
B. Inelastic
C. Perfectly inelastic
D. Perfectly elastic