Suppose That the Price of Peanuts Falls from $3

question 270

Multiple Choice

Suppose that the price of peanuts falls from $3.5 to $2.5 per bushel and that, as a result, the total revenue received by peanut farmers changes from $12 to $13 billion. Thus,

• A)the demand for peanuts is inelastic.
• B)the demand for peanuts is elastic.
• C)the demand curve for peanuts has shifted to the right.
• D)no inference can be made as to the elasticity of demand for peanuts.

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Methods in sociology that emphasize the importance of historical context and processes in understanding social phenomena.

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