A state of consumer equilibrium for two goods consumed exists when the:
a. marginal utility of all goods is the same for the last dollar spent on each good.
b. marginal utility per dollar's worth of two goods is the same for the last dollar spent on each good.
c. price of two goods is the same for the last dollar spent on each good.
d. marginal cost per dollar spent on two goods is the same.
b
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When a monopolistically competitive firm breaks even in the long run, this is equivalent to earning a zero accounting profit
Indicate whether the statement is true or false
The U.S. current account deficit improved slightly from 2007 to 2010 because
A) spending on imports fell due to an overall fall in consumption. B) state, local, and federal government budget deficits increased. C) worldwide economic growth spurred U.S. exports. D) capital controls restricted capital inflow.