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 67 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
Excellent

recede

  • Member
  • Posts: 315
Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

« previous next »
 

Did you know?

Many medications that are used to treat infertility are injected subcutaneously. This is easy to do using the anterior abdomen as the site of injection but avoiding the area directly around the belly button.

Did you know?

The cure for trichomoniasis is easy as long as the patient does not drink alcoholic beverages for 24 hours. Just a single dose of medication is needed to rid the body of the disease. However, without proper precautions, an individual may contract the disease repeatedly. In fact, most people develop trichomoniasis again within three months of their last treatment.

Did you know?

The use of salicylates dates back 2,500 years to Hippocrates's recommendation of willow bark (from which a salicylate is derived) as an aid to the pains of childbirth. However, overdosage of salicylates can harm body fluids, electrolytes, the CNS, the GI tract, the ears, the lungs, the blood, the liver, and the kidneys and cause coma or death.

Did you know?

A good example of polar molecules can be understood when trying to make a cake. If water and oil are required, they will not mix together. If you put them into a measuring cup, the oil will rise to the top while the water remains on the bottom.

Did you know?

In the United States, an estimated 50 million unnecessary antibiotics are prescribed for viral respiratory infections.

Surface Features on Titan Surface Features on Titan
Anxiety model. Stressful events lead to symptoms of anxiety, which can be resolved by coping ... Anxiety model. Stressful events lead to symptoms of anxiety, which can be resolved by coping ...
The essential features of the “Perutz mechanism” of the T-R transition in hemoglobin The essential features of the “Perutz mechanism” of the T-R transition in hemoglobin
A model for voltage-gating in the channel A model for voltage-gating in the channel
A model for mixed inhibition: equation A model for mixed inhibition: equation
DNA-Z computer model DNA-Z computer model
Video: Hydrogen bonds vs. Ionic bond

For a complete list of videos, visit our video library