the ceteris paribus assumption
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Other things being equal, a rise in a country's terms of trade increases its welfare. What do you think would happen if we relax the ceteris paribus assumption and allow for the law of demand to operate internationally?
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Other things being equal, a rise in a country's terms of trade increases its welfare. What do you think would happen if we relax the ceteris paribus assumption and allow for the law of demand to operate internationally?
If the we relax the ceteris paribus assumption and allow the law of demand to operate internationally, a rise in a country's terms of trade leads to a price fall. if the ceteris ...
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