Although some tastes do change over time, economists believe that tastes are relatively stable.If tastes were not mostly stable, then we
A)could not even draw a supply curve
B)could not reasonably make the other-things-constant assumption required for demand analysis
C)would not have any concerns about still drawing demand curves
D)could no longer eat food
E)would be basing economic models on real life instead of making impossible assumptions

Question

Quizplus · Accepted Answer

The stability of tastes is a key assumption in demand analysis, which requires the other-things-constant assumption. If tastes were not stable, it would be impossible to hold other factors constant and draw accurate conclusions about the impact of price changes on demand.

Although Some Tastes Do Change Over Time, Economists Believe That