The local community bus service, which is a monopoly, charges $2.00 for a one-way fare. the city council is thinking of raising the fare to $2.50 and expects it to generate 25% more revenue. the council has asked for your advice as a student of economics. the council predicts that raising the price by 25% will raise revenues by 25%. which of the following is true? choose one: a. the council has taken into account the output effect but not the price effect. b. the council hasn't taken into account either the output effect or the price effect. c. the council has taken into account both the price effect and the output effect. d. the council has taken into account the price effect but not the output effect. part 2 (0.5 point) therefore, the council has increase in revenue.