If the Price of a Product Increases

question 57

Multiple Choice

If the price of a product increases:

• A)the consumer surplus will decrease.
• B)the consumer surplus will increase.
• C)total revenue will increase if demand is price elastic.
• D)total revenue will decrease if demand is price inelastic.

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Definitions:

Permissive

A parenting style characterized by low demands with high responsiveness, where parents are lenient and avoid confrontation.

Authoritative

Possessing or exhibiting authority; commanding respect based on competence or expertise.

Temperament

Inherent aspects of an individual's personality, such as mood, disposition, and adaptability, often regarded as innate rather than learned.

Critical Period

A specific time window in developmental psychology during which an organism is particularly susceptible to certain stimuli, which has lasting effects on future development.