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Economics (AS & A Level) · May / June 2021 · Paper 13 · Question 5

9708Economic methodology

When stating the law of demand for a good, economists use the phrase 'all other things being equal'. What is not one of these 'all other things'?

  1. Athe income of the consumer
  2. Bthe price of other goods
  3. Cthe price of the good
  4. Dthe tastes of the consumer

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Correct answer: C. the price of the good

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