Solved

When the Price of Sugar Was "Low," U

Question 74

Multiple Choice

When the price of sugar was "low," U.S.consumers spent a total of $3 billion annually on sugar consumption.When the price doubled,consumer expenditures increased to $5 billion annually.This data indicates that:


A) the demand for sugar is inelastic.
B) the demand curve for sugar is upward sloping.
C) the quantity demanded of sugar increased.
D) the demand curve for sugar is upward sloping and the quantity demanded of sugar increased.

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions