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Any given demand or supply curve is based on the ceteris paribus assumption that: wered of 1.00 stion Select one: a all else is held equal b. everything is variable c. what is true for the individual is not necessarily true for the whole. d. no one knows which variables will change and which will remain constant. 10 The basic difference between macroeconomics and microeconomics is: wered of 1.00 estion Select one: a microeconomics explores the causes of inflation while macroeconomics focuses on the causes of unemployment b. microeconomics concentrates on the behaviour of individual consumers while macroeconomics focuses on the behaviour of firms c. microeconomics concentrates on individual markets while macroeconomics focuses primarily on international trade d. microeconomics concentrates on the behaviour of individual consumers and firms while macroeconomics focuses on the performance

Answer :

Final answer:

Any given demand or supply curve is based on the ceteris paribus assumption that all else is held equal. This assumption allows economists to isolate the relationship between the specific variables being studied (such as price and quantity) while keeping other relevant factors constant.

Explanation:

By holding other factors constant, economists can analyze the direct impact of changes in the variable of interest without the interference of other changing variables. This simplification is essential for constructing clear and comprehensible economic models that help in understanding how different factors interact within the economy.

The basic difference between macroeconomics and microeconomics is that microeconomics focuses on the behavior of individual consumers and firms, while macroeconomics concentrates on the performance and behavior of the economy as a whole. Microeconomics delves into topics like individual market dynamics, consumer choices, and firm behavior, while macroeconomics examines broader issues such as aggregate production, inflation, unemployment, and international trade. Macroeconomists study the overall health and stability of the economy, considering factors that affect the entire nation or multiple nations, whereas microeconomists analyze the decision-making processes of individual economic agents within specific markets.

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