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 43 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

Chelseyj.hasty

  • Member
  • Posts: 319
Reply 3 on: Yesterday
Excellent

« previous next »
 

Did you know?

If you could remove all of your skin, it would weigh up to 5 pounds.

Did you know?

Liver spots have nothing whatsoever to do with the liver. They are a type of freckles commonly seen in older adults who have been out in the sun without sufficient sunscreen.

Did you know?

Nearly 31 million adults in America have a total cholesterol level that is more than 240 mg per dL.

Did you know?

The liver is the only organ that has the ability to regenerate itself after certain types of damage. As much as 25% of the liver can be removed, and it will still regenerate back to its original shape and size. However, the liver cannot regenerate after severe damage caused by alcohol.

Did you know?

The U.S. Preventive Services Task Force recommends that all women age 65 years of age or older should be screened with bone densitometry.

Enzymatic features of DNA polymerase that account for its inability to copy one of the DNA strands a Enzymatic features of DNA polymerase that account for its inability to copy one of the DNA strands a
Model of a sequential study in which two cohorts were followed beginning at age 20. One cohort was f Model of a sequential study in which two cohorts were followed beginning at age 20. One cohort was f
A model for kinetochore structure and organization A model for kinetochore structure and organization
Sustainable Food Systems Model Sustainable Food Systems Model
Vermont Instruments manufactures two models of calculators. The finance model is the Fin-X and ... Vermont Instruments manufactures two models of calculators. The finance model is the Fin-X and ...
Phrenology model showing areas of the head overlaying brain regions that control different traits. I Phrenology model showing areas of the head overlaying brain regions that control different traits. I
Video: Bone tissue types - compact and spongy

For a complete list of videos, visit our video library