The classical economists thought that wages,prices,and interest rates were flexible in both the upward and the downward direction.

Question

Quizplus · Accepted Answer

The classical economists believed in the idea of flexible wages, prices, and interest rates. They believed that markets would naturally adjust to balance supply and demand, and that any imbalances would be corrected through these flexible mechanisms.

The Classical Economists Thought That Wages,prices,and Interest Rates Were Flexible