Which of the Following Is NOT an Assumption of the Classical

question 345

Multiple Choice

Which of the following is NOT an assumption of the classical model?

• A) Buyers and sellers react to changes in relative prices.
• B) Households want to maximize economic well being.
• C) No single buyer or seller of a commodity can affect its price.
• D) Wages and prices will move freely in the upward direction but not the downward direction.

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Definitions:

Supply Chain

The complete system of producing and delivering a product or service, from the very beginning stage of sourcing the raw materials to the final delivery to the consumer.

Supply Chains

The entire network of entities, directly or indirectly, involved in the sourcing, production, and distribution of goods or services from suppliers to consumers.

Supply Chain Function

The activities and operations undertaken by entities within a supply chain, from procurement of raw materials to delivery of finished goods.

Shipping Company

A business that provides services for transporting goods by sea, air, or land, from one location to another.