'Ceteris paribus' clause in the law of demand does not mean ___________.

the price of the commodity does not change

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the price of its substitutes does not change

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the income of the consumer does not change

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the price of complementary goods does not change

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Solution

The correct option is B the price of the commodity does not change
'Ceteris paribus' means 'other things being equal'. This clause in the law of demand refers to other things except price being equal. Hence, it does not mean the price of the commodity does not change, under the law of demand.

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