Question: What is meant by the term ceteris paribus? * A downward-sloping demand curve Other things being equal All things vary Prices remain constant What is

What is meant by the term ceteris paribus? * A

What is meant by the term ceteris paribus? * A downward-sloping demand curve Other things being equal All things vary Prices remain constant What is the effect on total revenue if demand is inelastic and price rises? * Total revenue will fall Total revenue will rise Total revenue may rise or fall depending on the size of the price increase. Elasticity is not relevant, since total revenue always rises if price increases shift Technological improvement can be illustrated graphically by (a) in the production possibilities curve (Fill the Blank)

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