Ceteris Paribus Means

question 76

Multiple Choice

Ceteris paribus means

• A) "all variables are independent."
• B) "other things being constant."
• C) "some assumptions are unrealistic."
• D) "some theories are not rational."

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Definitions:

Machine Hours

A measure of the amount of time a machine is operated, often used for accounting, cost allocation, or operational planning.

Labor Hours

The total number of hours worked by all employees in a specific time period.

Marginal Product

The additional output that is gained by employing one more unit of a particular input, holding all other inputs constant.

Total Output

The quantity of goods and services produced by a firm or economy over a specific period.