John Maynard Keynes, the English economist, challenged the beliefs on which the classical position of the economy was based, this included which of the following (mark all the correct answers):

A. Keynes's Criticism of Say's Law in a Money Economy Keynes believed that Say's law might not hold in a money economy. He believed that an increase in savings might not be matched by an equal increase in investment, since both saving and investment depend on a number of factors that may be far more influential than the interest rate. In this event, more output may be produced than will be demanded.

B. Keynes on Wage Rates Keynes believed that wage rates may be inflexible in a downward direction if employees and labor unions resist wage cuts, and that this inflexibility means that the economy may not be self-regulating.

D. Keynes on Prices Keynes believed that anticompetitive or monopolistic elements in the economy would sometimes prevent prices from falling.

C. New Keynesians and Wage Rates New Keynesian economists focused on, among other things, long-term contracts and efficiency reasons for firms paying higher-than-market wages; thus providing a solid microeconomic explanation for inflexible wages.