For a competitive firm (price-taker),a. If it increased price, total revenues would riseb. If it increased price, total revenues would rise, but profits could fallc. If it increased price, both total revenues and profits would rised. If it increased price, all revenues would disappear

The answer is D. All revenue would disappear

Explanation:

In a competitive firm, there are large numbers of buyers and sellers that no one can influence the market price. Also, the sellers sell identical goods e.g market for salt.

The buyers have perfect knowledge about the market(they are aware of the prevailing market price.

Because the goods and services are identical and the buyers are aware of the prevailing market price, if a firm increases its own price, buyers will not buy from him at all, thereby making the seller's revenue to disappear.

cognitive overload: having a lot on your mind impairs decision-making and tends to result in the simplest, but not necessarily best, option being selected.

empathy gaps: overlooking how you might feel in a different situation can result in unnecessary purchases, such as overbuying when shopping for food on an empty stomach.

optimism and overconfidence: wearing rose-tinted glasses and having unrealistic expectations about the future can affect money management and leave you unprepared for a change in circumstance.

instant gratification: seeking instant gratification drives impulsive spending and can undermine long-term planning and savings.

harmful habits: automatic or mindless behaviour can amplify a poor financial decision as it becomes a recurring event.

social norms: we are heavily influenced by the actions of others; while this can be in certain circumstances, it also contributes to the pressure to keep up with the joneses through conspicuous consumption.

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