Question

Classical model of employment and output by Keynesian?

Answer 1

Answer:

In the classical model, equilibrium level of output is determined by the employment of labour. The level of output and, hence, the level of employment is established in the labour market by the demand for and supply of labour. where W is the money wage, P is the absolute price level, and W/P is the real wage.

Explanation:

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Answer 2

Answer:

In the classical model, equilibrium level of output is determined by the employment of labour. The level of output and, hence, the level of employment is established in the labour market by the demand for and supply of labour. where W is the money wage, P is the absolute price level, and W/P is the real wage.

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