For each of the ideas below, indicate whether it is most closely associated with neoclassical economics...

For each of the ideas below, indicate whether it is most closely associated with neoclassical economics ('the accepted sequence') or heterodox economics ('the revised sequence').

___	Prices are set in advance of (that is, before) market trading
____	Price = average costs (direct and overhead) times (one plus the profit mark-up)
___	A technological change which makes production cheaper will be adopted by perfectly competitive firms, ultimately leading to lower prices for consumers
___	Technological change can cause obsolescence and therefore can be harmful to firms

Solutions

Expert Solution

Statement 1: represents heterodox economics ('the revised sequence'). Such an idea does not come from mainstream microeconomics.

Statement 2: represents neoclassical economics ('the accepted sequence'). That is, firms set a price equal to average costs. This holds true for competitive firms in long run.

Statement 3: represents neoclassical economics ('the accepted sequence'). When technological change makes production cheaper then supply will shift to the right and reduce prices in the market.

Statement 4 represents heterodox economics ('the revised sequence'). Such an idea does not come from mainstream microeconomics.

Rahul Sunny answered 1 year ago

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For each of the ideas below, indicate whether it is most closely associated with neoclassical economics...

Solutions

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