According to the classical model, in the labor market
a. perfect information about the market price by market participants is required.
b. the labor market is always in equilibrium.
c. prices and wages are perfectly flexible.
d. both suppliers and purchasers of labor must know the relevant trading prices.
e. All of the above.
Question 2
Which of the following had the highest rate of growth during the period 1948-72?
A) West Germany
B) Vietnam
C) Japan
D) The United States of America