Question 16 (8 points) For each of the following, write NC in the correspondin a
ID: 1122403 • Letter: Q
Question
Question 16 (8 points) For each of the following, write NC in the correspondin associated with neoclassical theory (the accepted sequence more closely associated with heterodox theory (the 'rev owing, write·NC, in the corresponding box if the concept or argument is most cal theory (the ‘accepted sequence'); write HET, in the corresponding box if it is s to ensure profits to firms sufficient to survive and grow through investm I 1 Price competition generally benefits society as a whole J Firms always seek maximum profits I 1 Price average revenue according to demand at the quantity where margna [ J Firms are controlled by groups of skilled workers in t oups' p he interests of maintaining those gr power in their firms [ 1 To ensure that as income and output increases on the whole, people's desire to consume al so i firms actively manage demand, e.g. through advertising [ 1 Average cost curves are usually 'U'-shaped, reaching their minimum point substantially bef is reached J Firms typically compete through their investments, not through prices ints) utionelexamples to the terms on your answer sheet.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