For any given firm in a monopolistically competitive market, the long-run economic profit tends to be __________ and firms operate to the ____________ of the minimum point on the average total cost curve.

An unexpected exogenous event which has a significant impact on an important sector of the economy or on the economy as a whole is called a(n)

A) macroeconomic shock. B) countercyclical fluctuation. C) downward economic spiral. D) autonomous destabilizer.

When a consumer maximizes utility subject to a limited income, she allocates income across goods to the point that: a. the marginal price is the same for all goods

b. marginal utility is zero. c. marginal utility is negative. d. the marginal utility per dollar spent is the same for all goods.