Which of the following would cause a ceteris paribus increase in the price of petrol? A. A rightward shift of the supply curve. B. A leftward shift of the demand curve. C. A war in the middle east. D. Newly discovered oil reserves.
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Ceteris paribus is a Latin phrase meaning "all other things being equal." In economics, it is used to isolate the effect of one economic variable on another, holding constant all other variables that might affect the second variable. Show more…
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