What does the assumption ‘ceteris paribus’ mean when economists analyse the way in which the quantity demanded of a good changes?
Select ONE answer:
- Changes in quantity demanded can cause changes in any of the other variables.
- Consumer preferences are always assumed to remain unchanged.
- Only one variable is assumed to change while the others remain the same.
- Several variables change simultaneously.
Show your workings to arrive at your answer, and explain and justify your reasons:……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
This multiple choice question is suitable for Economics KS4 and KS5 classes.
The answer is 3
- Not correct
- Not correct
- Correct
- Not correct
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