Ceteris Paribus Is a Latin Phrase That Literally Means

question 118

Multiple Choice

Ceteris paribus is a Latin phrase that literally means:

• A)'other things equal'
• B)'after this therefore because of this'
• C)'to respond slowly to a change in price'
• D)'there's no such thing as a free lunch'

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Definitions:

Surplus

An excess amount of something, especially in the context of production and supply exceeding demand in economics, leading to a situation where the quantity supplied is greater than the quantity demanded.

Nonprice Rationing

Methods of allocating goods and services without adjusting prices, often used in times of shortages, such as queuing or allocating based on need.

Queuing

The process or system by which people or items are arranged in a line awaiting their turn to be attended to or processed.

Ration Coupons

Tickets or coupons that entitle individuals to purchase a certain amount of a given product per month.