The American Federation of Labor was formed in 1886 as a dissident group from the

Which of the following is a necessary feature of the notion of the market as a competitive process and the model of perfect competition?

A) Freedom of entry B) Price taking behavior C) Perfect and complete information D) All firms produce identical products. E) All of the above.

Utility is maximized for the consumption of two goods when: a. the price of the first good equals the price of the second good

b. the marginal utility per dollar spent is equal for both goods consumed. c. the quantity consumed of the first good equals the quantity consumed of the second good. d. the total utility of the first good equals the total utility of the second good.