All the following are assumptions of the classical model EXCEPT
A) pure competition exists.
B) buyers and sellers react to nominal money prices rather than to relative prices.
C) people are motivated by self-interest.
D) wages and prices are flexible.
Correct Answer:
Verified
Q1: Say's law explains
A) how long-term real Gross
Q3: Say's law argues that I. overproduction is
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
Q9: Which of the following is NOT an
Q10: The first systematic attempt to explain the
Q11: The implication of Say's law is that
A)
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents