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 42 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
Wow, this really help

peter

  • Member
  • Posts: 330
Reply 3 on: Yesterday
Gracias!

« previous next »
 

Did you know?

Adult head lice are gray, about ? inch long, and often have a tiny dot on their backs. A female can lay between 50 and 150 eggs within the several weeks that she is alive. They feed on human blood.

Did you know?

Disorders that may affect pharmacodynamics include genetic mutations, malnutrition, thyrotoxicosis, myasthenia gravis, Parkinson's disease, and certain forms of insulin-resistant diabetes mellitus.

Did you know?

Asthma is the most common chronic childhood disease in the world. Most children who develop asthma have symptoms before they are 5 years old.

Did you know?

The most common childhood diseases include croup, chickenpox, ear infections, flu, pneumonia, ringworm, respiratory syncytial virus, scabies, head lice, and asthma.

Did you know?

You should not take more than 1,000 mg of vitamin E per day. Doses above this amount increase the risk of bleeding problems that can lead to a stroke.

A hypothetical model of the process of cell-wall expansion. A hypothetical model of the process of cell-wall expansion.
Growth of yeast cells in culture fits the logistic growth model. Growth of yeast cells in culture fits the logistic growth model.
Down Syndrome Features Down Syndrome Features
Surface Features on Titan Surface Features on Titan
Major features of human genome Major features of human genome
The orange ball is a model of an HPV16 virus The orange ball is a model of an HPV16 virus
Video: Hershey Chase Experiments

For a complete list of videos, visit our video library