The "new classical" economics took advantage of the disarray and partial eclipse of Keynesian economics to reestablish macro model-building based on the assumption of price ________ and market ________
A) flexibility, clearing
B) flexibility, non-clearing
C) stickiness, clearing
D) stickiness, non-clearing
A
You might also like to view...
Which of the following could help explain why professional football players have high salaries?
a. There is little social status attached to the occupation. b. Their marginal revenue products are typically very low. c. They face a high chance of having their careers cut short. d. Many college football players want to become professional football players. e. The labor market is perfectly competitive due to the players' union.
An increase in the price of product X causes a decrease in the quantity demanded for product X. One basic explanation for this is:
A. The law of increasing opportunity cost B. The price-elasticity effect C. The law of supply D. The law of diminishing marginal utility