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
Economics
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Because the demand for agricultural products is highly price-inelastic, a modest increase in supply will cause:
A. Relatively large declines in farm prices and incomes B. Relatively large increases in farm prices and incomes C. A small decline in farm prices, but an increase in farm incomes D. A large decline in farm prices, but an increase in farm incomes
Economics
Equilibrium tells us nothing about satisfaction or the general state of the economy
Indicate whether the statement is true or false
Economics