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').

Question 1 options:

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

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

3 - Consumer sovereignty

4 - Prices are set in advance of (that is, before) market trading

5 - Price = average costs (direct and overhead) times (one plus the profit mark-up)

6 - Price competition between firms is an essential part of the equilibrating process in capitalist economies

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

8 - Price = average revenue according to demand at the quantity where marginal cost = marginal revenue

9 - Prices in most markets are administered by the dominant firms in that market

10 - A technological change which makes production cheaper will be adopted by perfectly competitive firms, ultimately leading to lower prices for consumers

11 - Firms compete through their investments (as opposed to price)

12 - The general aims of firms reflect the interests of those who make the decisions in the firm - very often the 'Technostructure'

13 - Technological change can cause obsolescence and therefore can be harmful to firms

14 - Demand management

15 - Prices change rapidly according to supply and demand, with competition ensuring that price reflects minimum average costs of production

16 - Price competition generally benefits society as a whole

17 - The goals of the firm reflect its owners' desire for maximum profits