Suppose That the Price of Peanuts Falls from $3 to $2

question 19

Multiple Choice

Suppose that the price of peanuts falls from $3 to $2 per bushel and that, as a result, the total revenue received by peanut farmers changes from $16 to $14 billion. Thus,

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

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Definitions:

Extraverts

Individuals characterized by their outgoing, energetic, and sociable nature, often seeking stimulation and enjoying being around other people.

Machiavellianism

A personality trait characterized by manipulativeness, a lack of morality, and a focus on self-interest and deception.

Trait

A distinguishing characteristic or quality, often used in the context of personality traits.

Emotional Intelligence

A measure of an individual’s ability to recognize, understand, manage, and use emotions intelligently both in oneself and in others.