The Latin term ceteris paribus means (a) to mix together. (b) with other things equal. (c) bias.
Question:
The Latin term ceteris paribus means
(a) to mix together.
(b) with other things equal.
(c) bias.
Answers (1)
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Answers (1)
DeloresApril 15, 2023 в 17:04
The answer is (b) with other things equal.
The Latin term ceteris paribus is commonly used in economics and other social sciences as a way to isolate the impact of one variable while holding all other factors constant. It means "with other things equal" or "all other things being equal." For example, if we are studying the effect of a change in price on the quantity demanded of a good, we might say "assuming ceteris paribus," which means that we are assuming that all other factors that could affect demand (such as consumer income, tastes, and the prices of substitute goods) will remain constant. By holding these other factors constant, we can more accurately isolate the impact of price on demand.
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