As the price of good X increases from $5 to $8, quantity demanded falls from 100 to 80. Based upon this information we can conclude that the demand for X is

After participating members of a cartel form an agreement on common prices and output quotas, then an individual firm can increase its own profits by

A) increasing production. B) increasing prices. C) leaving the cartel. D) incurring higher input costs.

A U.S. family flies from Boston to Shanghai on a China Airlines plane. This transaction is

A) considered an export of service in the U.S balance of payment accounts. B) a deficit item in the balance of payment accounts of China. C) Both of the above are correct. D) none of the above.