An economic theory claims that a rise in gasoline prices will cause gasoline purchases to fall, Ceteris paribus. The phrase "Ceteris paribus" means that:
a. other relevant factors like consumer incomes must be held constant.
b. the gasoline prices must first be adjusted for inflation.
c. the theory is widely accepted but cannot be accurately tested.
d. consumers' need for gasoline remains the same regardless of the price.
a
Economics
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A technique for locating equilibria by marking the best strategy a player can use to counter each of his or her rival's possible moves is called
A) a win-win situation. B) cooperative coordination. C) cell-by-cell inspection. D) best-response analysis.
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List the three main sources of economic development
What will be an ideal response?
Economics