Which of the following accurately explain the importance of the ceteris paribus assumption for an economic model?Check all that apply.

It allows economists to isolate or focus attention on selected variables.

It allows economists to incorporate causation in the economic model.

It allows economists to incorporate association in the economic model.

It allows economists to study all the variables that can possibly be included in the model.

Read the following statement and indicate whether the ceteris paribus assumption applies.

An economist wants to know how demand for bracelets changes when the price of bracelets increases. At the same time, a recession starts to change people's income.

The ceteris paribus assumption applies to this situation.

The ceteris paribus assumption does not apply to this situation.