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').

____	Price competition is very often destabilizing, threatening the survival of the firm
____	Price competition between firms is an essential part of the equilibrating process in capitalist economies
____	An important role of prices is to ensure sufficient (not maximum) profits so firms can survive and grow through investment
____	Demand management

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SOLUTION:

Neoclassical economics in terms of the assumptions of individual rationality, utility maximization, and supply/demand. While pure theory is decreasing as a proportion of economics output, these neoclassical assumptions remain very significant components of mainstream microeconomic and macroeconomic theory.

Heterodox economics refers to schools of economic thought or methodologies that are outside "mainstream economics", often represented by expositors as contrasting with or going beyond neoclassical economics. "Heterodox economics" is an umbrella term used to cover various approaches, schools, or traditions.

Now:

1.Price competition is very often destabilizing threatening the survival of the firm - Neoclassical

2. Price competition between firms is an essential part of the equilibrating process in capitalist economic

Neoclassical theory suggests the quantities and prices are self-adjustable. Less government intervention is required to adjust the price and quantity demanded. So this is neoclassical theory

3.An important role of prices is to ensure sufficient (not maximum) profits so firms can survive and grow through investment-Heterodox

4.Demand management- Neoclassical

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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