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The classical theory is based on the assumption of:
Say’s the law of market
Flexibility in wage rates
Flexibility in interest rate
All of the above
- Say’s Law of Markets: It asserts that supply creates its own demand. This principle is crucial to classical economics, suggesting that everything produced will ultimately find a buyer.
- Flexibility in Wage Rates: Classical theory assumes wages adjust to equate labor supply and demand. This flexibility helps maintain employment equilibrium.
- Flexibility in Interest Rates: Interest rates are seen as self-regulating, equalizing saving and investment, ensuring all resources are employed.
- All of the above: Classical economics relies on all these assumptions for its models of full employment and economic balance.
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