To Isolate the Impact of One Single Factor, Economists Invoke

question 12

Multiple Choice

To isolate the impact of one single factor, economists invoke the assumption of

• A) inductive reasoning.
• B) Ockham's razor.
• C) ceteris paribus.
• D) post hoc, ergo propter hoc.

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Definitions:

Expense Function

A mathematical formula that describes how costs incurred by a business relate to its varying levels of production activity.

Revenue Function

A mathematical function explaining how revenues are generated from sales at different prices.

Fixed Cost

Expenses that do not change with the level of goods or services produced over the short term.

Expense Function

A mathematical representation or formula used to calculate the total expenses incurred by a business or individual.