When the price of corn was low consumers in the united, Ask an Expert

Economics

When the price of corn was "low," consumers in the United States spent a total of $3 billion annually on its consumption. When the price halved, consumer expenditures actually decreased to $1 billion annually. This indicates that:

A the demand for corn is elastic

B the demand curve for corn is upward sloping

C corn is a Giffen good

D the demand for corn is inlastic

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M9465825

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