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The primary purpose of the passage is to...
In the first paragraph the author tell us that the conceptual model (=theory) underlying mainstream economics is subject to critique. The second paragraph points out the main flaw in the concept of a self-regulating market. The third paragraph proposes ways to remedy =(correct) market failures.
The passage mentions a widely-held theory but does not caution against its misuse.
The passage contrasts the underlying premises posited by two theories, but does not contrast the results of their application.
The passage is not concerned with an hypothesis, but with a theory. An hypothesis is an unproven conclusion. A theory is a conceptual model - an explanatory framework or model that uses abstract concepts.
The passage does suggest that mainstream economics should be revised. However, it does not undermine the justifications for revising it, but rather offers such justifications (=reasons).
Why did you choose this answer choice?
Beware of answer choices that use the same words that appear in the
passage - they may merely be distractors. Be certain that the word is actually used in the same sense, about the same things before you pick the answer choice.
That much is true. However, the author does not undermine the justifications for revising mainstream theory. He actually justifies (i.e., finds good reasons for) revising it.
Watch out for answer choices that use multiple terms that negate one another. Undermine and revision both denote opposites or reversal, so they cancel out, like two minus signs:
(-) (+) (-)
Undermine the justifications for a revision of a prevalent theory
Justify the theory
Undermining the revision to the theory hence means to support the theory as it is.