All of the following were beliefs of the classical economists except
A) the market automatically adjusts to ensure the full employment of its resources
B) government should not interfere in affairs of the economy
C) prices and wages are relatively inflexible to changing economic events
D) spending levels are adequate to purchase the full-employment level of output

Question

Quizplus · Accepted Answer

Classical economists believed in the flexibility of prices and wages in response to changes in supply and demand, which is contrary to the statement in option C that suggests prices and wages are relatively inflexible.

All of the Following Were Beliefs of the Classical Economists