The term ceteris paribus means that:

a. What is for the individual is not necessarily true for the whole.

b. All variables except those specified are constant.

c. Everything is variable.

d. No one knows which variables will change and which will remain constant.

Complete the statement: the nature of demand indicates that as the price of a good increases:

What does ceteris paribus mean?

Economists refer to the relationship that a higher price leads to a lower quantity demanded as the ____.

The minimum wage is an example of a?

a price ceiling.

b. a price floor.

c. a free-market process.

d. an efficient labor allocation mechanism.

A demand curve or supply curve is based on the assumption of ceteris paribus, which means?

How does the ceteris paribus assumption affect a demand curve?

What is scarcity? Why is scarcity central to the study of economics?

Opportunity cost refers to the loss of a potential benefit associated with one alternative when a second alternative is chosen instead. Why do economists call this opportunity cost?

Finish the following sentence.

An unexpected freeze in central Florida reduced the citrus crop and caused the price of oranges to ________________.

Suppose a freeze in Florida destroys part of the Florida orange crop.

Explain what happens to the price of oranges and the marginal product of orange pickers as a result of the freeze. Can you say what happens to the demand for orange pickers? Why or why not?

A severe freeze has once again damaged the Florida orange crop. The impact on the market for orange juice will be a leftward shift of:

a. The supply curve and the rightward shift of the demand curve resulting in a higher equilibrium price

b. Both the supply and demand curves

c. The supply curve

d. The demand curve, as consumers try to economize because the shortage

The demand schedule for a good:

a. indicates the quantity that people will buy at the prevailing price

b. indicates the quantity that suppliers will sell at various market prices

c. is determined primarily by the cost of producing the good

d. indicates the quantities that will be produced at the alternative market process

The demand schedule for a good ___________.

a. indicates the quantity that people will buy at the prevailing price.

b. indicates the quantity that suppliers will sell at various market prices.

c. is determined primarily by the cost of producing the good.

d. indicates the quantities that will be produced at the alternative market process.