In the Graph Above, What Would Happen to Price and to Total

question 36

Multiple Choice

In the graph above, what would happen to price and to total revenue if the equilibrium moved from point B to point A?

• A)Price would fall and total revenue would increase.
• B)Price would fall and total revenue would also decrease.
• C)Price would rise and total revenue would also increase.
• D)Price would rise and total revenue would decrease.

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Definitions:

Nonconscious

Relates to mental processes that occur without conscious awareness, influencing thoughts, feelings, and behaviors.

Experiential Processes

Mental and emotional mechanisms through which individuals perceive, interpret, and interact with their environment on a direct, personal level.

Lay Epistemology

It involves the methods and theories that non-experts use to acquire and justify knowledge in everyday life.

Preexisting Belief

A belief or opinion held before being exposed to new information or evidence.