John is a farmer and thinks he will make a profit next year,if the weather stays the same,if the price of his crop doesn't change,and if the price of fertilizer and seed doesn't change.An economist would say that the farmer thinking he will make a profit is an example of:
A) laissez-faire.
B) ceteris paribus.
C) post hoc ergo propter hoc.
D) e pluribus unum.

Question

Quizplus · Accepted Answer

The statement "if the weather stays the same, if the price of his crop doesn't change, and if the price of fertilizer and seed doesn't change" is an example of ceteris paribus, which means "all other things being equal". This is a common assumption made in economics when trying to isolate the effect of one variable on another.

John Is a Farmer and Thinks He Will Make a Profit