Which of the Following Is an Assumption of Neoclassical Economics

question 19

Multiple Choice

Which of the following is an assumption of neoclassical economics?

• A)Long -term effects and planning are important.
• B)Resources are finite and should be conserved for the greater good of society.
• C)External costs and benefits are valuable.
• D)Economic growth is a means toward greater human well -being.
• E)All citizens deserve just and equal economic and sociopolitical treatment.

Understand the concept of economic profits and losses in different market structures.

Recognize the factors leading to the emergence of monopolies and how they can maintain their monopoly power.

Identify the role of barriers to entry in maintaining a firm's market power.

Discuss the impact of economies of scale on market structures and firm size.

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Definitions:

Survival Probability

The chance that an individual, cell, or some other unit will continue to live or exist over a specified period.

Observable Variation

Differences in appearance, physiology, or behavior among individuals of a species that can be readily observed.

Alleles

Alternative forms of a gene that arise by mutation and are found at the same place on a chromosome.

Environment

The sum of all external conditions and influences affecting the life and development of organisms.