A critical assumption in the classical model is thata) markets are perfectly competitive in the short run. b) markets clear in the long run. c) markets clear in the short run. d) markets are perfectly competitive in the long run.. Created by JOHN G. social-science-en - economics-en

Answer : A and C. these two answers are closely related. The critical or debutible assumption of classical is that price adjusts so quickly, so the facts that perfectly competitive in the short run and market clears in the short run are required. For B and D, bith keyensians and classicals agree upon that all market clear in the long run.