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').

___Firms compete through their investments (as opposed to price)

___Price = average revenue according to demand at the quantity where marginal cost = marginal revenue

___Some power passes from top management to his/her subordinates because only the subordinates have the specialized knowledge necessary to make informed decisions

___The goals of the firm reflect its owners' desire for maximum profits

Expert Solution

Neoclassical Economics

In this approach, assumptions regarding the relationship between supply and demand, rationality of an individual, and utility maximization are focused. The price determination are made in the market itself.

Heterodox Economics

Heterodox economics deals with economic principles existing outside the conventional and orthodox economic principles. It is a more radical approach and exists as an alternative approach to mainstream economics.

1. Firms compete through their investments - heterodox economics.

2. Price = average revenue according to demand at the quantity where marginal cost = marginal revenue - neoclassical economics.

3. Some power passes from top management to his/her subordinates because only subordinates have the specialized knowledge necessary to make informed decisions - neoclassical economics.

4. The goal of the firm reflect its owner's desire for maximum profits - neoclassical economics

Rahul Sunny answered 2 years ago

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

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