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 10 options:

Consumer sovereignty

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

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

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

Demand management

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

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

Firms compete through their investments (as opposed to price)

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

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

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

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

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

Price competition generally benefits society as a whole

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

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

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