Imports tend to fall whenever a nation's currency appreciates because foreign products become more expensive to domestic consumers

If marginal revenue is greater than marginal cost, the firm should

A) raise price. B) raise marginal revenue. C) increase its rate of output. D) decrease its rate of output.

Suppose the perfectly competitive equilibrium occurs such that too many units of the good are produced. This is an example of

A) marginal cost pricing. B) market failure. C) firms have not yet exited the industry. D) greedy business people behaving in an inappropriate manner.