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

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

Rahul Sunny answered 2 years ago

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Question

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').

Solutions

Expert Solution

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