An Increase in the Price of a Product

question 298

Multiple Choice

An increase in the price of a product

• A) automatically increases wages.
• B) raises the firm's demand for labor.
• C) would probably decrease total revenues.
• D) increases productivity.

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Definitions:

Deterrence

A strategy intended to discourage someone from taking an action due to the belief that the negative consequences will outweigh the benefits.

Criminal Acts

Behaviors or actions that are in violation of the laws set forth by a governing authority, subject to legal penalties.

Imprisoned

The state of being confined in prison as a form of punishment or while awaiting trial, resulting in significant restrictions on freedom.

Revenge

The act of inflicting harm or punishment on someone in retaliation for a wrong done to oneself or others.