macro CLASSICAL MACROECONOMICS Classical macroeconomics is the theory and the unblemished slip of the economists Adam Smith, David Ricardo, John Mills and Jean Baptiste Say. Below the assumptions of the chaste macroeconomics atomic number 18 described. 1. Assumptions: Competitive food food markets: Classical theories wholly 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 tenia the present ones from quiting the market.
Pricess and affiances are flexible in both upward and down directions according to the demand and supply forces. No single seller or buyer of a proceeds has sufficient market power to influence the industry price, nor does whatsoever supplier or purchaser of labor services open sufficient market power to influence the market wage rate. Thus all economic agents are price-takers and not ...If you need to get a full essay, order it on our website:
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