According to the Classical Model,in the Labor Market

question 52

Multiple Choice

According to the classical model,in the labor market

• A)perfect information about the market price by market participants is required.
• B)the labor market is always in equilibrium.
• C)prices and wages are perfectly flexible.
• D)both suppliers and purchasers of labor must know the relevant trading prices.
• E)All of the above.

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Definitions:

Influence

The capacity to have an effect on the character, development, or behavior of someone or something, or the effect itself.

Eighth Amendment

A part of the United States Constitution that prohibits the federal government from imposing excessive bail, excessive fines, or cruel and unusual punishment.

Cruel and Unusual Punishment

Punishment prohibited by the Eighth Amendment to the U.S. Constitution, including torture or other forms of punishment too severe for the crime committed.

Constitutional Amendments

Changes or additions to a constitution, which typically require a special process of ratification.