By using the ceteris paribus assumption, Taylor is holding the
- holding all costs of production other than the wage rate constant
- not considering retail price of laptop computers
<h3>What is ceteris paribus?</h3>
Ceteris paribus is a Latin phrase used in economics that means all other things being equal in English. It is used when studying the effect of one variable on another variable to mean that other variables that can affect the variable being studied is assumed to not change.
When Taylor is analyzing the effect of wage rates on the supply of laptop computers. By using the ceteris paribus assumption, he is assuming that other factors that would affect the supply of laptops are assumed to be constant.
The other factors that might affect the supply of laptop computers include:
- cost of production
- retail price of laptops
Here is the complete question:
Taylor is analyzing the effects of wage rates on the supply of laptop computers. By using the ceteris paribus assumption, Taylor is __________.
Select the two correct answers below.
Select all that apply:
holding the supply of laptop computers constant
holding all costs of production other than the wage rate constant
holding wage rates constant
not considering retail price of laptop computers
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