A student investigated the effect of carbon dioxide concentration on the rate of photosynthesis in the aquatic plant Elodea. The plant was placed in water at 20 °C and exposed to a constant light intensity. Different concentrations of carbon dioxide were provided by adding known amounts of sodium hydrogencarbonate. The rate of photosynthesis was measured by counting the number of oxygen bubbles produced per minute. The results are shown in the table below.
| Carbon dioxide concentration / mM | Rate of oxygen production / bubbles per minute |
|---|---|
| 0.5 | 5 |
| 1.0 | 10 |
| 2.0 | 18 |
| 4.0 | 25 |
| 8.0 | 30 |
| 12.0 | 30 |
Explain the change in the rate of photosynthesis as carbon dioxide concentration increases, referring to limiting factors and the conditions under which the experiment was carried out.