This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: What are the two key features of perfectly competitive markets in the Classical Model? What will ... (Read 98 times)

mmm

  • Hero Member
  • *****
  • Posts: 558
on: Jun 30, 2018
What are the two key features of perfectly competitive markets in the Classical Model?
 
  What will be an ideal response?

Question 2

Explain the difference between macroeconomic variables that are in terms of levels and growth rates. Which important macroeconomic variables are which? Which one is the unemployment rate?
 
  What will be an ideal response?


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

abctaiwan

  • Sr. Member
  • ****
  • Posts: 355
Reply #1 on: Jun 30, 2018
Answer to Question 1

1 . Perfectly flexible prices and wages
2 . Perfect information on the part of all market participants about market prices

Answer to Question 2

Variables such as GDP and the price level are in terms of levels. Inflation and GDP growth are in terms of growth rates, meaning that they are measured between two different points in time. Unemployment rates are a percentage, but the unemployment rate is not a growth rate because it is not measured over time.


mmm

  • Member
  • Posts: 558
Reply 2 on: Jun 30, 2018
:D TYSM

bassamabas

  • Member
  • Posts: 294
Reply 3 on: Yesterday
Gracias!

« previous next »
 

Did you know?

Though the United States has largely rejected the metric system, it is used for currency, as in 100 pennies = 1 dollar. Previously, the British currency system was used, with measurements such as 12 pence to the shilling, and 20 shillings to the pound.

Did you know?

Oxytocin is recommended only for pregnancies that have a medical reason for inducing labor (such as eclampsia) and is not recommended for elective procedures or for making the birthing process more convenient.

Did you know?

Tobacco depletes the body of vitamins A, C, and E, which can result in any of the following: dry hair, dry skin, dry eyes, poor growth, night blindness, abscesses, insomnia, fatigue, reproductive system problems, sinusitis, pneumonia, frequent respiratory problems, skin disorders, weight loss, rickets, osteomalacia, nervousness, muscle spasms, leg cramps, extremity numbness, bone malformations, decayed teeth, difficulty in walking, irritability, restlessness, profuse sweating, increased uric acid (gout), joint damage, damaged red blood cells, destruction of nerves, infertility, miscarriage, and many types of cancer.

Did you know?

Approximately one in four people diagnosed with diabetes will develop foot problems. Of these, about one-third will require lower extremity amputation.

Did you know?

The average older adult in the United States takes five prescription drugs per day. Half of these drugs contain a sedative. Alcohol should therefore be avoided by most senior citizens because of the dangerous interactions between alcohol and sedatives.

The brain. (a) Superior (top) view. (b) Sagittal view of a sectioned brain to reveal internal featur The brain. (a) Superior (top) view. (b) Sagittal view of a sectioned brain to reveal internal featur
Diverse living organisms share common chemical features Diverse living organisms share common chemical features
Lab Model: Lancelet Lab Model: Lancelet
A model for voltage-gating in the channel A model for voltage-gating in the channel
Three-Box Model Three-Box Model
General model of the association of histones and DNA to form nucleosomes General model of the association of histones and DNA to form nucleosomes
Video: Leukemia

For a complete list of videos, visit our video library