An Increase in the Price of Good X Due to a Reduction

question 252

Multiple Choice

An increase in the price of good X due to a reduction in its supply will:

• A)​increase the total revenue of good X.
• B)​decrease the total revenue of good X.
• C)​increase the total revenue of goods that are substitutes for X.
• D)​increase the total revenue of goods that are complements for X.

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Definitions:

Fast Mapping

A cognitive process in early language development where children rapidly learn and infer the meaning of new words from minimal exposure.

Pragmatics

The branch of linguistics dealing with the use of language in social contexts and the ways in which people convey meaning through communication.

Social Speech

Speech that is directed towards communicating with others and is typically observed in social contexts.

Egocentric Speech

Speech that is focussed on oneself and not adjusted for the listener's perspective, commonly observed in young children.