In economic modelling and analysis, economists frequently make the assumption of ceteris paribus. Which of the following best describes the meaning of this term?
Consumers always seek to maximize their personal utility.
All other influencing variables are held constant.
Markets will automatically adjust to clear any shortages.
The opportunity cost of production is assumed to be zero.
53 exam-style questions on OCR A Level Economics The economic problem. Each one has a worked solution and a mark scheme showing where the marks go.