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In this context, the categories, terms and relations as well as the heuristics are presented as value-free. Most neoclassical economists differentiate between facts and norms, where the latter are only an issue in explicitly normative fields of neoclassical economics such as welfare economics or economic policy, which provide guidance and analysis for binding, normative decisions. Mankiw Chapter 4 Figure 22 b.
Monopolistic competition is characterized by i efficient scale ii markup pricing over marginal cost iii deadweight loss iv. N Gregory Mankiw. Mankiw Chapter 26 — e13components. Public Relations Ethics Exercices Chapter 3.
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