Multiple Choice
Sugar is a normal good. You observe that both the equilibrium price and quantity of sugar has fallen over time. Which of the following would be most consistent with this observation?
A) Consumers have experienced an increase in income and sugar-production technology has improved.
B) The price of artificial sweetener has risen and the price of coffee has fallen.
C) Consumer tastes have changed so as to prefer sugar less than before.
D) The demand curve for sugar must be positively sloped.
Correct Answer:
Verified
Correct Answer:
Verified
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