The "Other Things Being Equal" Clause in the Law of Demand

question 210

Multiple Choice

The "other things being equal" clause in the law of demand does not allow which of the following factors to change?

• A) Consumer income.
• B) The prices of other goods.
• C) Consumer tastes and preferences.
• D) All of the above.

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Definitions:

Structural Model

A representation that outlines the arrangement and connectivity of components within a system or theory.

Iceberg Model

A metaphor used in psychology and other fields to illustrate that only a small part of a person's mind or situation is visible, while the majority is hidden beneath the surface.

Libido

A term used in psychoanalytic theory to denote the energy associated with sexual drives and desires.

Oedipus Complex

A Freudian theory that suggests a child's unconscious sexual desire for the opposite-sex parent and jealousy toward the same-sex parent.