4a Explain how the neoclassical assumptions of complete and substitutable preferences underpin the notion that consumers have power in markets. [10]
4b In what way does the postKeynesian distinction between needs and wants challenge neoclassical consumer theory and modify the theory of demand. [20]
4c According to Institutional consumer theory, goods have ceremonial as well as use value. Explain what this means and its implications for markets as providers of the goods that give us welfare. [20]