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Answer to Question #252216 in Macroeconomics for Muhammad Madad kha
Question #252216
Question #93290
Suppose that the public taste changes in such a way that leisure comes to more desirable than commodities How do you expect such a change to affect output, employment and real wages in the classical model?
Suppose that the public taste changes in such a way that leisure comes to more desirable than commodities How do you expect such a change to affect output, employment and real wages in the classical model?
Expert's answer
Preference of leisure over goods lowers the demand for production sector. Therefore, output, employment and real wage in the classical model will tend to decrease.
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