The Latin Term 'Ceteris Paribus' Means

question 30

Multiple Choice

The Latin term 'ceteris paribus' means

• A) 'what is true of the whole is not necessarily true of the parts.'
• B) 'obviously true.'
• C) 'after this, therefore because of this.'
• D) 'other things remaining the same.'
• E) 'false unless proven true.'

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Definitions:

Fixed Costs

Costs that do not change with the level of output or sales, such as rent, salaries, and loan payments.

Variable Costs

Costs that change in proportion to the level of output or activity.

Demand Curve

A graph showing the relationship between the price of a good and the quantity of that good that consumers are willing to purchase at various prices.

Quantity Demanded

Quantity demanded is the total amount of a good or service that consumers are willing to purchase at a particular price over a specified period.