macro CLASSICAL MACROECONOMICS Classical macroeconomics is the theory and the unblemished pillowcase of the economists Adam Smith, David Ricardo, John Mills and Jean Baptiste Say. Below the assumptions of the unmixed macroeconomics be described. 1. Assumptions: Competitive food food markets: Classical theories solo make umteen assumptions about the markets and their competitiveness.these assumptions are that all the markets are easy to encipher and exit. No monopoly elements are present in the market to balk newcomers from entering the market or stop the present ones from quiting the market.
Pricess and net incomes are flexible in twain upward and down directions according to the demand and supply forces. No single seller or buyer of a harvest-festival has sufficient market power to influence the industry price, nor does both supplier or purchaser of labor services wipe out sufficient market power to influence the market wage rate. Thus all economic agents are price-takers and not ...If you fate to get a full essay, order it on our website:
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