The Latin word "Ceteris Paribus," often used in Economics simply means, with other things being the same or all things being equal.
The major reason why economics often use "Ceteris Paribus" is to eliminate other factors which might complicate an outcome.
For instance, If the price of pork increases, people will purchase less pork, that is Ceteris Parabus. In this instance, ceteris paribus means that the possibility of other factors affecting the sales of pork will not be considered. Other factors such as an announcement were made that pork causes cancer, or the price of Chicken has increased, thereby making pork the best alternative, hence, all these other factors will not be considered, therefore in this situation, economics only wants to consider what happens if the price of pork rises while keeping all other factors the same.
Answer:
The correct answer is option A.
Explanation:
A hurricane that hit Florida has destroyed homes. The rebuilding process will take weeks and months. The price of building materials has increased as well. This increase in price is because of increased demand for building materials.
The demand curve for building materials has moved to the right. This has led to an increase in the price of building materials. The firms are taking advantage of this increase in demand by raising the price by over 100 percent.
Answer:
Augustine should consider moving to Piney Woods
Explanation:
Piney woods is located at the US southern states of Arkansas, Louisiana and Texas. it has a temperate coniferous forest terrestrial ecoregion which would be favourable for Augustine.
