Classical Economists Believe That in the Short Run, in the Real

question 30

Multiple Choice

Classical economists believe that in the short run, in the real world:

• A)prices and wages are flexible.
• B)prices and wages aren't flexible enough to bring about equilibrium.
• C)prices are flexible but wages were not flexible.
• D)wages are flexible but prices were not flexible.

---

Definitions:

Technology

The usage of science-based knowledge to achieve practical outcomes, especially within industrial contexts.

Formal Rules

Are established regulations and procedures that govern organizational and group behavior.

Procedures

Established methods or ways of doing something, often detailed and written down, especially in the context of business operations or professional practices.

Collective Efficacy

A group's shared belief in its conjoint capabilities to organize and execute the courses of action required to produce given levels of attainments.