Asked by Morghan Graper on May 28, 2024
Verified
Economists use the phrase ceteris paribus to express the assumption
A) "all else equal."
B) "everything affects everything else."
C) "scarcity is a fact of life."
D) "there is no such thing as a free lunch."
Ceteris Paribus
A Latin term used in economics to describe the analysis of a condition under the assumption that all other variables remain unchanged.
Scarcity
The basic economic issue arises from unlimited human desires facing limited resources on the planet.
Free Lunch
A term that implies you cannot get something for nothing, often used in the context that every choice has a cost.
- Acknowledge the crucial role ceteris paribus plays in distinguishing variables for examination.
Verified Answer
Learning Objectives
- Acknowledge the crucial role ceteris paribus plays in distinguishing variables for examination.
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