The Latin phrase ceteris paribus means:

• A. All things are known to change
• B. Other things change equally
• C. All things at equilibrium
• D. Other things being equal

Answer: (D)

Verified step by step guidance

1. Understand the context in which 'ceteris paribus' is used in economics. It is a Latin phrase commonly used to isolate the effect of one variable by assuming that other relevant factors remain constant.
2. Recognize that 'ceteris paribus' is crucial for simplifying economic models and theories, allowing economists to focus on the relationship between two specific variables without interference from other variables.
3. Identify the options given in the problem and analyze their meanings. The phrase 'ceteris paribus' translates to 'other things being equal' or 'holding other things constant.'
4. Compare the provided options with the correct translation of 'ceteris paribus.' The correct choice should reflect the idea of keeping other variables constant while examining the effect of a change in one variable.
5. Conclude that the correct answer is 'Other things being equal,' as it accurately captures the essence of the phrase 'ceteris paribus' in economic analysis.