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Hannah asks Jin to babysit her daughter for five hours each on both Saturday and then Sunday. Once Jin declines, Hannah asks Jin to babysit for four hours on Saturday only and Jin agrees to do it. This example demonstrates the ________ technique.
Quantity Effect
The change in total revenue resulting from a unit change in quantity sold, while holding price constant.
Price Effect
Describes how changes in prices impact the quantity supplied and demanded in a market.
Downward-Sloping Demand
A market condition reflected in a demand curve where the quantity demanded of a good decreases as the price of that good increases, and vice versa.
Total Surplus
The sum of consumer and producer surplus; a measure of the overall benefit to society from a market transaction.
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