Question

Jeremy is studying the effects of income on the demand for Greek ceramics. If "ceteris paribus" is used, which factors would be held constant when studying the effects of changes in income?

Answer 1

Answer:

B) all factors affecting demand, except income

Explanation:

Ceteris paribus can be used to identify the relationship between two specific variables, while leaving all other factors constant. In this case, since Jeremy is studying the effects of income on the demand (of anything really, not only Greek ceramics), it should affect all factors affecting demand except income. Jeremy is going to analyze how the quantity demanded changes when the income changes, all other things constant.