In a perfectly competitive market, many firms sell an identical product

Assume that a consumer purchases products A, B, and C in quantities such that the last dollar spent on each yields the same marginal utility and the consumer's income is totally spent. We can conclude that:

A) total utility is being minimized. C) marginal utility exceeds total utility. B) production costs are being minimized. D) total utility is being maximized.

A good can serve as money only if

A) citizens accept the good as a means of payment for transactions and debts. B) government mandates that the good must be accepted in payment of debts. C) it is declared by authorities to be legal tender. D) it has intrinsic value or if it is backed by precious metals.