Question

In: 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').

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').

___

Consumer sovereignty

____

Prices change rapidly according to supply and demand, with competition ensuring that price reflects minimum average costs of production

__

Price competition generally benefits society as a whole

___

Prices in most markets are administered by the dominant firms in that market

Solutions

Expert Solution

1.Consumer sovereignty

Answer=Neoclassical

2.Prices change rapidly according to supply and demand, with competition ensuring that price reflects minimum average costs of production

Answer=Heterodox

3.Price competition generally benefits society as a whole

Answer=Neoclassical

4.Prices in most markets are administered by the dominant firms in that market

Answer=Heterodox


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