The supply of hamster breeders has increased because pet hamsters have become popular for families. Therefore, due to this change, the total revenues earned by hamster breeders will a. increase b. increase only if the demand curve is relatively elastic and decrease otherwise c. increase only if the supply curve is relatively elastic and decrease otherwise d. decrease only if the demand curve is relatively elastic and increase otherwise
The supply of hamster breeders has increased because pet hamsters have become popular for families. Therefore, due to this change, the total revenues earned by hamster breeders will a. increase b. increase only if the demand curve is relatively elastic and decrease otherwise c. increase only if the supply curve is relatively elastic and decrease otherwise d. decrease only if the demand curve is relatively elastic and increase otherwise
Microeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506893
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter7: Consumer Choice And Elasticity
Section: Chapter Questions
Problem 12CQ: Jills Sausage Dog Stand projects the following demand for Jills sausage dogs: a. Calculate the price...
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The supply of hamster breeders has increased because pet hamsters have become popular for families. Therefore, due to this change, the total revenues earned by hamster breeders will
a. increase
b. increase only if the demand curve is relatively elastic and decrease otherwise
c. increase only if the supply curve is relatively elastic and decrease otherwise
d. decrease only if the demand curve is relatively elastic and increase otherwise
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