Micro-Economics

When a seller raises the price of a good, there are two countervailing effects in action (except in the rare case of a good with perfectly elastic or perfectly inelastic demand) - they are?

1) A price effect: After a price increase, each unit sold sells at a higher price, which tends to raise revenue
 
2)A quantity effect: After a price increase, fewer units are sold, which tends to lower revenue.
 

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