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For each of the ideas below, indicate whether it is most closely associated with neoclassical economics ('the accepted sequence') or heterodox...
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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').

-Neoclassical economics
-Heterodox economics ____Firms compete through their investments (as opposed to price)
____Prices change rapidly according to supply and demand, with competition ensuring that price reflects minimum average costs of production
____Technological change can cause obsolescence and therefore can be harmful to firms
____Price = average costs (direct and overhead) times (one plus the profit mark-up)
____Price competition between firms is an essential part of the equilibrating process in capitalist economies
____Price competition generally benefits society as a whole
____Some power passes from top management to his/her subordinates because only the subordinates have the specialized knowledge necessary to make informed decisions
____Prices in most markets are administered by the dominant firms in that market
____The general aims of firms reflect the interests of those who make the decisions in the firm - very often the 'Technostructure'
____Consumer sovereignty
____The goals of the firm reflect its owners' desire for maximum profits
____A technological change which makes production cheaper will be adopted by perfectly competitive firms, ultimately leading to lower prices for consumers
____Demand management
____An important role of prices is to ensure sufficient (not maximum) profits so firms can survive and grow through investment
____Price = average revenue according to demand at the quantity where marginal cost = marginal revenue
____Price competition is very often destabilizing, threatening the survival of the firm
____Prices are set in advance of (that is, before) market trading

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