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Please attempt the following. Classical Theory: The Classic model is based on three (3) key assumptions: rationality,no money illusion and perfect competition. Using your own

Please attempt the following.

Classical Theory:

The Classic model is based on three (3) key assumptions: rationality,no money illusion and perfect competition. Using your own example, explain why you agree or disagree with EITHER of the following assumptions:

-no money illusion

-rationality

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