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If an economist says "the higher the price of oranges, the fewer oranges individuals will buy, ...

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If an economist says "the higher the price of oranges, the fewer oranges individuals will buy, ...

If an economist says "the higher the price of oranges, the fewer oranges individuals will buy, ceteris paribus," this means that

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individuals don't like high-priced oranges.

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as the price of oranges rises, individuals' preferences change and they no longer like oranges as much as they once did.

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as the price of oranges rises, individuals' preferences do not change, nor does anything else, but individuals buy fewer oranges in response to the higher price of oranges.

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the higher the price of oranges, the fewer oranges individuals will buy, assuming that people have economic motives.

Textbook

Economics

Edition: 12^th

Author: Arnold

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ahyukj Author

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Brilliant ツ

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this is exactly what I needed

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Thanks

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