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What is ceteris Paribus?
Ceteris paribus is a Latin phrase, literally translated as "other things the similar," and usually rendered in English as "all other things being equal." A prediction, or a statement about causal or logical connections among two states of affairs, is qualified by ceteris paribus in order to acknowledge, and to rule out, the possibility of other factors which could override the relationship among the antecedent and the consequent.
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would a rational producer be concerned with the average or marginal product of an input in deciding whether or not to hire the inputs?
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Money facilitates market activities and is essential in complex market systems. With money people can avoid the problems associated with coincidence of wants. Between, these pro
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