| 单词 | flexible prices |
| 释义 | flexible prices Prices which are able to adjust in either direction, as necessary to clear markets. The prices of primary products, that is, fuels, minerals and crops are generally flexible except when there is government intervention in the market. The prices of industrial products are normally less flexible. It is held that with flexible prices there could be no unemployment. This is true by definition for perfectly flexible prices, but if industrial goods prices and wage rates are sticky, making them a bit more flexible would not necessarily help to restore full employment. If prices are expected to fall, but not immediately, this gives an incentive to postpone purchases until prices have actually fallen, which could make recessions worse. |
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