Which of the following is NOT an assumption of the classical model?
A) Wages and prices are fixed.
B) People are motivated by the own self-interest.
C) Pure competition exists.
D) Buyers react to changes in relative prices.
Correct Answer:
Verified
Q4: The idea that supply creates its own
Q5: The classical model uses the assumption that
A)
Q6: Say's law states that
A) supply creates its
Q7: Classical economists wrote from the 1770s to
Q8: Which of the following is NOT a
Q10: The first systematic attempt to explain the
Q11: The implication of Say's law is that
A)
Q12: Whom among the following was a classical
Q13: "Supply creates its own demand" is known
Q14: If a consumer buys less gasoline because
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