Neoclassical economics is based on the assumption that

a. supply and demand are typically in a state of disequilibrium.

b. producers seek to maximize profits and consumers seek to maximize utility.

c. consumers wish to maximize the welfare of their neighbors.

d. the invisible hand does not work.

e. none of the above.

25. Hayek and Mises believed that in a capitalist economy information is

a. utilized and mobilized efficiently.

b. given in totality.

c. generated in the form of prices.

d. a and c are correct.

e. a, b, and c are correct.