True or False: The other things equal assumption, which means that all other relevant factors remain unchanged, is an important assumption in building economic models. This is . Please choose the correct answer from the following choices, and then select the submit answer button. Answer choices

True

Explanation:

Ceteris paribus is the Latin phrase that means 'other things being equal'.

In building economic models, certain factors are always put into consideration. If all these conditions are as the economic model developers predict, it means that the economic model will work as developed.

Therefore, it is said that, Other things being equal, a certain this will work.

An example is, Other things being equal, i would travel tomorrow. The other things are the factors that will make the travel possiible or not. these other factors could include funds, arrival arrangements, etc.

Cheers.