Multiple Choice
Figure 5-12
-Refer to Figure 5-12.When a new,more productive strawberry plant was developed,causing supply to increase,what happened to strawberry farmers,and why
A) They were helped, since although price fell, total revenue increased, due to an inelastic demand curve.
B) They were hurt, since both price and total revenue fell due to an elastic demand curve.
C) They were hurt, since both price and total revenue fell due to an inelastic demand curve.
D) They were helped, since although price fell, total revenue increased, due to an elastic demand curve.
Correct Answer:

Verified
Correct Answer:
Verified
Q50: When is demand said to be inelastic<br>A)if
Q51: What best describes the direction of a
Q52: A linear demand curve becomes more elastic
Q53: When would demand for a good tend
Q54: If the elasticity of supply of a
Q56: What are the most basic tools of
Q57: What has happened to the farm population
Q58: What does the elasticity of a perfectly
Q59: What does a perfectly inelastic demand imply<br>A)Buyers
Q60: If sellers do not respond at all