Bundle: Macroeconomics, 13th + Aplia, 1 Term Printed Access Card
Bundle: Macroeconomics, 13th + Aplia, 1 Term Printed Access Card
13th Edition
ISBN: 9781337742375
Author: Roger A. Arnold
Publisher: Cengage Learning
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Chapter 9, Problem 1QP
To determine

Determine the classical view of wage, price and interest rate.

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Explanation of Solution

Classical view:

Classical economists consider that an economy is always in equilibrium at full employment level. Wage, price and interest rate are the factors will adjust the economy to achieve the equilibrium level, if a market has a flexible demand and supply.

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