It is _____ that in the classical model,prices and wages are fixed;it is _____ that according to the classical economists,full employment is the norm.

Question

Quizplus · Accepted Answer

In the classical model, prices and wages are flexible, not fixed, which makes the first statement false. However, it is true that classical economists believed full employment is the norm, as they assumed the economy would naturally adjust to any deviations from full employment.

It Is _____ That in the Classical Model,prices and Wages