When a monopoly increases its output and sales, Question 23 options: a) the output effect works to increase total revenue, and the price effect works to decrease total revenue. b) both the output effect and the price effect work to increase total revenue. c) both the output effect and the price effect work to decrease total revenue. d) the output effect works to decrease total revenue, and the price effect works to increase total revenue.

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Price Discrimination

Price discrimination or differential pricing is based on the principle that the seller will charge the buyer a price based on the buyer’s ability and willingness to pay for the product rather than applying uniform pricing for all.