Question

√john, a farmer, thinks he will make a profit next year if the weather stays the same, if the price of his crop doesn't change, and if the price of fertilizer and seed does not change. an economist would say that this farmer thinking he will make a profit the following year is an example of group of answer choices

Answer 1

An economist would say that this farmer thinking he will make a profit the following year is an example of Ceteris paribus.

Where do supply and demand intersect ceteris paribus?

Market equilibrium is reached when the supply and demand curves coincide. When supply and demand are equal, this is the situation. The price that corresponds to the quantity is the equilibrium quantity, also known as the market clearing price.

This idiom means "all other things remaining unchanged or consistent." In economics, it is used to exclude the potential of "other" factors changing by focusing on the precise causal relationship between two variables. John, a farmer, thinks he will make a profit next year if the weather stays the same, if the price of his crop doesn't change, and if the price of fertilizer and seed does not change.

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