46. Refer to Figure 5-12. When a new, more productive strawberry plant was developed, causing supply...

  

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46. 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. Figure 5-12 Price $5 4 2 1 500 1000 1500 2000 2500 Quantity 1750 46. 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. Figure 5-12 Price $5 4 2 1 500 1000 1500 2000 2500 Quantity 1750

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