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QUESTION Neoclassical theory is ahistorical (not historical). true false QUESTION According to Marx capital is tools...

QUESTION

  1. Neoclassical theory is ahistorical (not historical).

    true

    false

QUESTION

  1. According to Marx capital is tools

    true

    false

QUESTION

  1. The market structure that is assumed in order to give the efficiency outcomes of neoclassical economics is

    oligopoly

    monopoly

    perfect competition

    none of the above
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Homework Answers

Answer #1

1) True

( Neo classical theory by assumption is a-historical. )

2) False

( Marx didn't merely view capital as tools . According to him, capital isn't a thing, rather a definite social production relation. )

3) Perfect competition.

( perfect competition refers to a market structure characterized by a large number of firms selling a homogeneous commodity. There are no barriers to entry. All the market participants have perfect knowledge. Neoclassicals argued that such a market would result in the best possible economic outcome. )

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