Keynes believed that
A) the internal structure of the economy is extremely competitive and that wage-price flexibility exists.
B) monopolistic elements in the economy prevent immediate and sharp price declines in response to falling demand.
C) even though there are monopolistic elements in the economy,wage-price flexibility exists.
D) in spite of the competitiveness of the economy,wage-price flexibility does not exist.
Correct Answer:
Verified
Q59: Autonomous consumption is
A) the change in consumption
Q60: Q61: On a TE-TP diagram consider a level Q62: Here is a consumption function: C = Q63: If autonomous consumption rises by $40 and,as Q65: Keynes believed that saving is Q66: If income rises from $10,000 to $10,600 Q67: Keynes believed that Q68: If income rises from $12,000 to $12,400 Q69: The ratio of the change in consumption
A) more responsive
A) Say's law would hold
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