An Increase in Price

question 53

Multiple Choice

An increase in price:

• A) cannot cause a quantity effect.
• B) cannot cause a price effect.
• C) causes a decrease in revenue resulting from selling fewer units and a simultaneous increase in revenue resulting from receiving a higher price.
• D) causes an increase in quantity demanded.

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Definitions:

Cones

Photoreceptor cells in the retina of the eye responsible for color vision and functional in well-lit conditions.

Rods

Photoreceptor cells in the retina of the eye that are sensitive to low light levels and are primarily responsible for night vision.

Peripheral Vision

The ability to see objects outside the direct line of vision, encompassing a wide field of view.

Trichromatic Theory

A theory of color vision that proposes the eye perceives colors through the response rates of three types of cones sensitive to specific wavelengths of light.