If people consume fewer bottles of orange juice as their income rises, orange juice is

When the economy is in long-run equilibrium, the price level adjusts so as to equate which two values with one another?

A) total planned real expenditures and total planned production B) government spending and tax revenues C) the inflation rate and the unemployment rate D) import and export spending

Which of the following statements correctly identifies a similarity between monopoly and perfect competition?

A) Entry is restricted in both market structures. B) Price equals marginal cost in both market structures. C) Production is expanded until marginal revenue equals marginal cost in both the market structures. D) Firms face an upward sloping demand curve and a downward sloping marginal revenue curve in both the market structures.