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').

____	An important role of prices is to ensure sufficient (not maximum) profits so firms can survive and grow through investment
____	Demand management
____	Some power passes from top management to his/her subordinates because only the subordinates have the specialized knowledge necessary to make informed decisions
___	Price = average revenue according to demand at the quantity where marginal cost = marginal revenue

Expert Solution

SOLUTION:

1]An important role of prices is to ensure sufficient (not maximum) profits so firms can survive and grow through investment

Answer=Heterodox

2]Demand management

Answer=Neoclassical

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

Answer=Heterodox

4] Price = average revenue according to demand at the quantity where marginal cost = marginal revenue

Answer = Neoclassical

Rahul Sunny answered 3 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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