"Ceteris paribus" means demand will change when price changesa. no matter what other factors may influence the marketb. if other

Question

3 years ago

8

market factors remain constantc. only if the supply also does not changed. only in the short-term

1 answer:

Finger [1] · Answer 1 · 2021-11-16T21:56:06+03:00

Answer:

The correct answer is option b.

Explanation:

The term Ceteris paribus is a Latin phrase which means holding other things constant.

Ceteris paribus in the law of demand means keeping other market constant, the demand for a commodity will change with change in the price.

The other market factors here are income, population, taste and preferences etc.