10 Nov 2021
Problem 18
Page 640
Section: CRITICAL THINKING QUESTIONS
Chapter 26: The Neoclassical Perspective
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10 Nov 2021
Introduction
Neoclassical Economics:
Neoclassical economics is a system of thinking that uses supply and demand paradigms to approach the market distribution of goods and services and wages. It implies that all market participants are rational, i.e., consumers seek to maximize utility while businesses seek to maximize profits.
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