The classical economists assumed that
A) wages and prices were inflexible, especially downward.
B) government intervention in the economic system was necessary and helpful.
C) monopoly was widespread in the economy.
D) wages and prices were flexible.
D
Economics
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When every good or service is produced up to the point where the last unit provides a marginal benefit to society equal to the marginal cost of producing it, ________ occurs
A) efficient central planning B) equity C) productive efficiency D) allocative efficiency
Economics
Government capital consists of
A) money owned by the government. B) securities owned by the government. C) the buildings owned by the government in Washington, D.C. D) long-lived physical assets owned by the government.
Economics