Question 16 (8 points) For each of the following, write .NC\" in the correspondi

Question

Question 16 (8 points) For each of the following, write .NC" in the corresponding box"the HET, in the associated with neoclassical theory (the 'accepted sequence': write HET" in the corresponding box if it is more closely associated with heterodox theory (the 'revised sequence important role of prices is to ensure profits to firms sufficient to survive and grow through investment I J An I J Price competition generally benefits society as a whole I 1 Firms always seek maximum profits [ ] Price= average revenue according to demand at the quantity where marginal cost-marginal revenue I 1 Firms are controlled by groups of skilled workers in the interests of maintaining those groups' position [ 1 To ensure that as income and output increases on the whole, people's desire to consume also increass [ ] Average cost curves are usually ‘U-shaped, reaching their minimum point substantially before full power in their firms firms actively manage demand, e.g, through advertising is reached I ] Firms typically compete through their investments, not through prices

Explanation / Answer

The neoclassical theory developed after world war II as a critique of classical theory. Whereas heterodox is an alternative to mainstream theory. It believes in society benefit as a whole

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