Most Classical Macroeconomists Considered Unemployment

question 8

Multiple Choice

Most classical macroeconomists considered unemployment

• A)a minor problem due to the rapidity of downward price level changes.
• B)a minor problem due to the sluggishness of downward price level changes.
• C)a major problem due to the sluggishness of downward price level changes.
• D)a major problem due to the rapidity of downward price level changes.

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Definitions:

Diagram

A visual representation of information, data, or a process, using symbols, lines, or illustrations.

Producer Surplus

The difference between the actual amount producers receive for a good or service and the minimum amount they are willing to accept.

Equilibrium Price

The price at which the quantity of a product demanded by consumers equals the quantity supplied by producers.

Diagram

A simplified drawing showing the appearance, structure, or workings of something.