According to New Classical Economists, the

question 11

Multiple Choice

According to new classical economists, the

• A) short-run demand for labor curve is vertical.
• B) short-run aggregate demand curve is vertical.
• C) long-run aggregate supply curve is horizontal.
• D) long-run aggregate supply curve is vertical.

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Definitions:

Motivation

Refers to the factors or stimuli that encourage individuals to pursue and achieve their goals with enthusiasm and persistence.

Theoretical Foundation

The fundamental principles and assumptions that form the basis for a particular theory or field of study.

ERG Theory

A theory proposed by Clayton Alderfer that categorizes human needs into three groups: Existence, Relatedness, and Growth, modifying Maslow's hierarchy of needs.

Maslow's Needs

A theory of psychological development outlined by Abraham Maslow that proposes a hierarchy of human needs, from basic physiological needs to self-actualization.