Consider a Market in Which Price Is Initially $2 and Rises

question 67

Multiple Choice

Consider a market in which price is initially $2 and rises to $6. If we know total revenue fell as a result of this price change, then we also know that the _____ effect outweighed the _____ effect, and the market is more likely to be represented by _____.

• A) price; quantity; Graph A
• B) quantity; price; Graph A
• C) price; quantity; Graph B
• D) quantity; price; Graph B

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