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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

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

To determine

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

Explanation

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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