What is the ceteris paribus condition?
What will be an ideal response?
The ceteris paribus condition is the requirement that when analyzing the relationship between two variables, such as price and quantity demanded, other variables must be held constant.
Economics
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Which of the following is NOT part of the income used in the income approach to measuring GDP?
A) wages B) rent C) interest D) taxes paid by persons E) profit
Economics
Total cost is the
a. amount a firm receives for the sale of its output. b. fixed cost less variable cost. c. market value of the inputs a firm uses in production. d. quantity of output minus the quantity of inputs used to make a good.
Economics