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can someone comment on this please Jim believes that the economy works with the vast majority of markets being in competition just as classical economists

can someone comment on this please

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Jim believes that the economy works with the vast majority of markets being in competition just as classical economists had. This entails that if the market were to have a surplus, this surplus would be temporary. Soon following this surplus, the wage rate will fall, and the amount of supplied labor will be equal to the quantity that is demanded. In this same string of thoughts, if there were to be a shortage in the market, the wage rate will rise, and the amount supplied will be equivalent to what is demanded. This correlates to the situation as Jim believes there is no need to see the doctor when you have a cold or flu because it will get better over time as your body heals itself just as the market will heal itself thus the government does not need to get involved

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