The Latin expression Ceteris paribus means:
a. everything else being equal. b. economic model.
c. economists are partly right. d. partial scarcity is certain.
a
Economics
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Scott used $4,000,000 from his savings account that paid an annual interest of 5% and a $60,000 loan at an annual interest rate of 5% to purchase a hardware store. After one year, Scott sold the business for $4,100,000 . His economic profits is:
a. $300,000 b. $100,000 c. $97000 d. None. He runs an economic loss of $103,000
Economics
According to the law of supply, other things equal, when the price of a good or service rises, the quantity supplied increases, but supply does not
a. True b. False Indicate whether the statement is true or false
Economics