According to the Classical Model, an Excess Supply of Labor

question 167

True/False

According to the Classical model, an excess supply of labor would drive up wages to a new equilibrium level and therefore unemployment would not persist.

---

Definitions:

Graves Disease

An autoimmune disorder that results in the overproduction of thyroid hormones, causing hyperthyroidism.

Thyroid Hormone

Hormones produced by the thyroid gland, including triiodothyronine (T3) and thyroxine (T4), crucial for regulating metabolism, energy generation, and growth and development.

Aldosterone

A steroid hormone produced by the adrenal cortex that regulates sodium and potassium balance in the blood.

Cortisol

A steroid hormone produced by the adrenal glands, involved in the body's stress response as well as metabolism and immune function.