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...
icon
Related questions
Question

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
 
Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Perfectly Competitive Market
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.
Recommended textbooks for you
Microeconomics: Private and Public Choice (MindTa…
Microeconomics: Private and Public Choice (MindTa…
Economics
ISBN:
9781305506893
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning
Economics: Private and Public Choice (MindTap Cou…
Economics: Private and Public Choice (MindTap Cou…
Economics
ISBN:
9781305506725
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning
Economics:
Economics:
Economics
ISBN:
9781285859460
Author:
BOYES, William
Publisher:
Cengage Learning
Micro Economics For Today
Micro Economics For Today
Economics
ISBN:
9781337613064
Author:
Tucker, Irvin B.
Publisher:
Cengage,
Survey Of Economics
Survey Of Economics
Economics
ISBN:
9781337111522
Author:
Tucker, Irvin B.
Publisher:
Cengage,
Economics For Today
Economics For Today
Economics
ISBN:
9781337613040
Author:
Tucker
Publisher:
Cengage Learning