3 - What does the term "ceteris paribus" mean? (...

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What does the term "ceteris paribus" mean? ( ) A) Let the buyer beware. (X) B) All other things being equal. ( ) C) There is no such thing as a free lunch. ( ) D) In the long run we're all dead. Feedback: Ceteris paribus is the assumption of nothing else changing. The following represent the four groups of participants in the market process: (X) A) consumers, business firms, governments, and foreigners. ( ) B) rich people, conservatives, teenagers, and parents. ( ) C) rich people, status-seekers, conspicuous consumers, and government. ( ) D) It is not possible to divide market participants into groups. Feedback: The four separate groups of market participants are consumers, business firms, governments, and foreigners. Factor markets: ( ) A) consist of markets where one must negotiate a price, and, hence, factor into account all relevant information. ( ) B) take into account all the factors that influence the purchase of consumer products. ( ) C) were common earlier in our history but no longer play an important role. (X) D) are the markets for the factors of production: namely, land, labor, capital, and entrepreneurship. Feedback: The factor markets deal with resources or factors of production; they are land, labor, capital, and entrepreneurship. Product markets: ( ) A) consist of markets for farm produce. ( ) B) consist of markets that bring together buyers and sellers of various final goods and services.
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( ) C) consist of markets for machinery used to produce products. (X) D) Both (b) and (c) are true. Feedback: The product markets are any place where finished goods and services or products are bought and sold. Beth is included in market demand whenever the following is true: ( ) A) She values the product but is not willing to pay its required price. (X) B) She is both willing and able to pay the going price for the product. ( ) C) She has sufficient money to buy the product but is unwilling to do so. ( ) D) She insists that the product represents a basic right of all humans and refuses to pay for it. Feedback: Demand refers to the ability and willingness to buy a good at a particular price. When there is a movement along a stationary demand curve from one point to another resulting
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3 - What does the term "ceteris paribus" mean? (...

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