Assume that the hourly price for the services of tarot card readers has risen and sales of these services have also risen. One can conclude that
A) the law of demand has been violated.
B) the number of tarot card readers has increased.
C) the demand for tarot card readers has increased.
D) tarot card readers are deliberately charging high prices because they provide services for superstitious clients.
Answer: C
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Refer to the figure below. Suppose the solid line shows the demand for coffee. If coffee and tea are substitutes, and the price of tea falls, then you would expect: 
A. an increase in the quantity of coffee demanded, but no shift in the demand curve. B. the demand curve to shift to D(B) C. the demand curve to shift to D(A). D. a decrease in the quantity of coffee demanded, but no shift in the demand curve.
When does an oligopoly market result in a cartel? What conditions must be present for the cartel to be successful?
What will be an ideal response?
In competitive equilibrium
A. the MRT of all producers varies depending on the production function of the firm. B. the MRS of all consumers varies if preferences vary. C. it is impossible to make anyone better off without making someone else worse off. D. All of these are true
Gross Domestic Product is equal to the market value of all the final goods and services ________ in a given period of time
A) produced and consumed within a country B) consumed by the citizens of a country C) consumed within a country D) produced within a country E) produced by the citizens of a country