BuyFind

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
Publisher: Cengage Learning
ISBN: 9781337617383
BuyFind

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
Publisher: Cengage Learning
ISBN: 9781337617383

Solutions

Chapter
Section
Chapter 9, Problem 1QP
Textbook Problem

What is the classical economics position on (a) wages, (b) prices, and (c) interest rates?

Expert Solution
To determine

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

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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Economics (MindTap Course List)
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