Archive for May, 2015

Ceteris Paribus

Posted: May 17, 2015 in Uncategorized

Ceteris Paribus foremost is a Latin word meaning constant. The Ceteris Paribus assumption is that all things stay the same or equal. This assumption is important in the definition of supply or demand, because it tests a product’s elasticity and the supply, higher or lower than the demand would affect the cost forcing it to increase or decrease.

-Steven D. Jackson 

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