In economics, the latin phrase "Ceteris Paribus" means:
(a) "The market is at equilibrium".
(b) "Invisible hand".
(c) "Profit maximisation is the goal".
(d) "All else being equal".
Answer: (d) "All else being equal".
Economics
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In the above figure, if the market produces the efficient amount of purses then producer surplus equals triangle
A) abc. B) bcd. C) adc. D) dce.
Economics
In a competitive market, when price is below the equilibrium price, there will be pressure for the price to:
A) fall. B) stay the same. C) rise. D) change only if demand and/or supply change.
Economics