Economists Use the Term Ceteris Paribus to Indicate That

question 206

Multiple Choice

Economists use the term ceteris paribus to indicate that

• A) supply and demand are in balance.
• B) other things are assumed to be constant.
• C) the analysis is true for the individual but not for the economy as a whole.
• D) their conclusions are based on normative economics rather than positive economic analysis.

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Definitions:

Customer Focus

A business strategy that emphasizes the importance of meeting the needs and exceeding the expectations of customers.

Societal Responsibility

The obligation of a business to contribute to the welfare of the society that it operates within, beyond its financial and operational obligations.

Triple Bottom Line

An accounting framework that incorporates three dimensions of performance: social, environmental, and financial.

Long-term Growth

A measure of the increase in the value, productivity, or size of an entity or sector over an extended period, often analyzed to predict or assess future economic health.