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 

#StevenDJ #SDJBooks #Writer #Author

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s