Did Keynesian or classical economics support laissez faire policy?

Did Keynesian or classical economics support laissez faire policy? Did Keynesian or Classical economics support laissez-faire policy? Classical economics supported laissez-faire policies because they believed business cycles were temporary glitches, which the market would correct. Keynesians are more likely to emphasize the fallacy of composition. Which has the more pessimistic view of the problems facing […]

What happens to elasticity as price increases?

What happens to elasticity as price increases? The more discretionary a purchase is, the more its quantity of demand will fall in response to price rises. That is, the product demand has greater elasticity. But the less discretionary a product is, the less its quantity demanded will fall. When demand is elastic a price decrease […]

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