In a long-run equilibrium in a perfectly competitive market, firms are selling at a price equal to marginal cost.

One impact of a rise in the dollar's value is that

A) imports become cheaper for the U.S. consumer. B) exports will increase sharply. C) U.S. goods will become cheaper overseas. D) U.S. goods are cheaper domestically.

It has been noted that when the price of a good increases, people purchase less of the good. This is an example of

A. irrational behavior. B. normative economic analysis. C. positive economic analysis. D. macroeconomic analysis.