A Firm Faces a Demand Function D(p), for Which the Revenue-Maximizing

question 92

Multiple Choice

A firm faces a demand function D(p) , for which the revenue-maximizing price is $16.The demand function is altered to 2D(p) .What is the new revenue-maximizing price?

• A)$8
• B)$16
• C)$32
• D)There is insufficient information to determine this.
• E)none of the above.

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Definitions:

GRIT

A personality trait characterized by perseverance and passion for achieving long-term goals.

Attribution Theory

The theory concerning how people explain individual occurrences of causation, including how people infer the causes of their own and others' behaviors.

Cognitive Dissonance Theory

suggests that individuals experience discomfort (or dissonance) when holding conflicting cognitions, leading them to change attitudes, beliefs, or actions to reduce the dissonance.

Psychoanalytic Theory

A theory of psychology and psychotherapy developed by Sigmund Freud that emphasizes unconscious processes and childhood experiences in shaping behavior.