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Describe the differences between the Keynesian closure of the labor market and the classical closure, in particular explain the mechanism of the adjustment of wages
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Describe the differences between the Keynesian closure of the labor market and the classical closure, in particular explain the mechanism of the adjustment of wages and employment/unemployment under the two closures.
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Explain the consumer optimization problem when leisure is one of the factors affecting consumer utility.
Describe the differences between the Keynesian closure of the labor market and the classical closure, in particular explain the mechanism of the adjustment of wages and employment/unemployment under the two closures.
Explain the consumer optimization problem when leisure is one of the factors affecting consumer utility.
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