The term ceteris paribus means that
a. all important variables in the real world are considered
b. all factors that influence the event are changing at the same time
c. everything else is being held constant
d. everything, except one influence, is changing
e. the consumer is king
C
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Marginal product is
A) the change in total output from using an additional unit of one variable input, holding other inputs constant. B) the change in total output from using an additional unit of all variable inputs. C) the total output divided by the number of units of the variable input. D) the change in total output divided by the number of units of the variable input, holding constant all other inputs.
The property of money that allows us to avoid finding a trading partner for all of our goods (bartering) is called the
A. creation of value. B. store of value. C. security of value. D. medium of exchange.