Which of the following is NOT an assumption of the classical system?
A) Wages and prices are inflexible. B) Pure competition exists.
C) There is no money illusion. D) People are motivated by self interest.
A
Economics
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What is a Lorenz curve?
What will be an ideal response?
Economics
The minimum efficient scale is
A) the plant size that yields the most profit. B) the smallest output level where the firm finally reaches productive efficiency. C) the level of operation where long-run average costs are lowest. D) the level of output where diminishing returns have not set in yet.
Economics