WebThe assumption behind a demand curve or a supply curve is that no relevant economic factors, other than the product’s price, are changing. Economists call this assumption ceteris paribus, a Latin phrase meaning “other things being equal”. If all else is not held equal, then the laws of supply and demand will not necessarily hold. WebCanada in 2024. If real GDP for a country increased from $10 trillion to $10.5 trillion from year 1 to year 2, then: - the growth rate of output for the country is 5%. - the inflation rate for the country is 0%. - the unemployment rate for the country is …
What Does Ceteris Paribus Mean in Economics?
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