What is meant by ‘ceteris paribus’?

What is meant by ‘ceteris paribus’?‘Ceteris paribus’ is a Latin phrase literally translated as “with other things the same”. Ceteris paribus clauses are most widely used in economics to simplify the formulation and description of economic outcomes. When using ceteris paribus in economics, assume all other variables, except those under immediate consideration, are held constant. Sir Alfred Marshall characterized this phrase. It is mainly used in the demand and supply theory.

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