Is this answer correct? Assume that the hourly price for the services of tarot card readers has risen and salesof these services have also risen. One can conclude thatthe demand for tarot card readers has increased.the law of demand has been violated.the number of tarot card readers has increased.tarot card readers are deliberately charging high prices because they provideservices for superstitious clients.

Answered: Assume that the hourly price for the…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Is this answer correct?

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
the demand for tarot card readers has increased.
the law of demand has been violated.
the number of tarot card readers has increased.
tarot card readers are deliberately charging high prices because they provide
services for superstitious clients.

Expert Solution

Step 1: Define the law of demand

The law of demand states inverse relationship between price and quantity demanded. Put differently, there is negative relationship between price and quantity demanded.

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