When Economists Want to Hold a Number of Factors Constant

question 6

Multiple Choice

When economists want to hold a number of factors constant, they are demonstrating which of the following expressions?

• A) Positive economics model.
• B) Consumer sovereignty.
• C) Ceteris paribus .
• D) Normative economics.

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Definitions:

Duty

A legal or moral obligation to act or refrain from acting in a certain way.

Standard

A set of established criteria, guidelines, or definitions used to measure or compare the quality, quantity, or value of products, services, or practices.

Duty of Care

A responsibility mandated by law, compelling a person to maintain a level of carefulness in behaviors that might predictably injure others.

Invitee

A person who is invited onto someone's property for the owner's benefit, often related to business or commerce, and is owed a high duty of care.