41. The market price is Market is the typical price at which a good or service sells. AACSB: Analytic Blooms: Remember Difficulty: 1 Easy Learning Objective: 02-01 Describe the key elements of a market. 42. What phrase do economists use to describe the assumption that everything else a situation stays the same, while one variable, such as price, changes? The implicit assumption that everything else about a buying situation stays the same when the price changes is called ceteris paribus, meaning all other things equal. AACSB: Analytic Blooms: Remember Difficulty: 1 Easy Learning Objective: 02-01 Describe the key elements of a market. 43. When you give up the opportunity to do something else, the value to you of that activity is called
41. The market price is Market is the typical price at which a good or service sells. AACSB: Analytic Blooms: Remember Difficulty: 1 Easy Learning Objective: 02-01 Describe the key elements of a market. 42. What phrase do economists use to describe the assumption that everything else a situation stays the same, while one variable, such as price, changes? The implicit assumption that everything else about a buying situation stays the same when the price changes is called ceteris paribus, meaning all other things equal. AACSB: Analytic Blooms: Remember Difficulty: 1 Easy Learning Objective: 02-01 Describe the key elements of a market. 43. When you give up the opportunity to do something else, the value to you of that activity is called