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 remained at $3 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) None of the statements is correct.
Correct Answer:
Verified
Correct Answer:
Verified
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