Final answer:
The correct answer is that we can assume total revenue fell for fish suppliers, suggesting that demand for fish is inelastic. An increased supply leading to a lower price and subsequently reduced total revenue is characteristic of inelastic demand.
Step-by-step explanation:
If an increase in the supply of fish causes a huge decrease in the price of fish, we can assume that total revenue fell for fish suppliers. This is indicative of a situation where demand is inelastic. In the case of inelastic demand, customers do not significantly increase their quantity demanded in response to a price decrease. Therefore, when the price drops substantially, the total revenue generated from selling fish would decrease because the increase in quantity sold does not offset the lower prices. This is consistent with real-world observations, such as the dynamics in the agricultural sector, where an overproduction of food can lead to a sharp decrease in prices and, consequently, a reduction in total revenue for farmers.