The classical model typically assumes A) perfectly competitive firms and a unionized workforce. B) prices are...
The classical model typically assumes
A) perfectly competitive firms and a unionized workforce. B) prices are set by contracts. C) firms are price-takers in a perfectly competitive market. D) unstable markets that do not quickly self-correct.
Homework Answers
The classical model typically assumes:
C. Firms are price- takers in a perfectly competitive market.
classical model assumes that market forces of supply and demand can clear the market and perfectly competitive firms can lead to optimal solutions in a market. Hence price-taker firms and perfect competition can lead to an equilibrium solution.
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The classical model typically assumes
A) perfectly competitive firms and a unionized workforce. B)
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1. Characteristics of competitive markets The model of competitive markets relies on the following four core assumptions:
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