Mr. Parker sells 10 bottles of wine per week at $50 per bottle. He can sell 11

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Question:

Mr. Parker sells 10 bottles of wine per week at $50 per bottle. He can sell 11 bottles per week if he lowers the price to $45 per bottle. The quantity effect of the sale of an additional bottle would be _______, whereas the price effect of the sale of an additional bottle would be ________.

a. $45; -$50

b. $45; -$5

c. $450; -$500

d. $495; -$550