ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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“other things being equal.”
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“after this therefore because of this.”
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“to respond slowly to a change in price.”
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“There’s no such thing as a free lunch.”
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Detailed explanation-1: -What is Ceteris Paribus. Definition: This commonly-used phrase stands for ‘all other things being unchanged or constant’. It is used in economics to rule out the possibility of ‘other’ factors changing, i.e. the specific causal relation between two variables is focused.
Detailed explanation-2: -Ceteris paribus is a Latin phrase that generally means “all other things being equal.” In economics, it acts as a shorthand indication of the effect one economic variable has on another, provided all other variables remain the same.
Detailed explanation-3: -’Ceteris paribus’ is a Latin phrase which means ‘other things being equal’ or ‘all else unchanged’.
Detailed explanation-4: -The assumption of ceteris paribus, a Latin phrase meaning “other things equal or held constant, ” helps isolate the effect of one variable on another.
Detailed explanation-5: -Ceteris Paribus. a Latin phrase that means “all other things held constant"