Scenario: Mr

question 6

Multiple Choice

Scenario: Mr. Olivander has a monopoly on supplying magic wands. The table below shows the demand schedule for magic wands per day.

-Refer to the scenario above.Mr.Olivander used to sell five wands per day.Now he plans to increase his sale to nine wands.The price effect of this plan is a ________,and the quantity effect of this plan is a ________ in his revenue.

• A) $15 decrease; $20 increase
• B) $125 decrease; $80 increase
• C) $45 increase; $90 decrease
• D) $35 decrease; $120 increase

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Definitions:

Content Bias

A condition which occurs when testing materials are more familiar to one group than another.

Epistemology

The branch of philosophy concerned with the theory of knowledge, its nature, sources, and limitations.

World View

The fundamental cognitive orientation of an individual or society encompassing the entirety of the individual or society's knowledge and point of view.

Axiology

The branch of philosophy that studies values, including aesthetics and ethics.