New classical economists believe that:
a. market failure on a large scale is possible.
b. disequilibrium in commodity markets demand government intervention.
c. people are completely aware and informed about everything that is happening.
d. wages are fixed in the short run.
e. people purposefully substitute non-labor activities for work during recession.
e
Economics
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Explain why checks on principals might be necessary
What will be an ideal response?
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Theoretically, in a long-run cost function:
a. all inputs are fixed b. all inputs are considered variable c. some inputs are always fixed d. capital and labor are always combined in fixed proportions e. b and d
Economics