When the Price of Sugar Was "Low", Consumers in the United

question 19

Multiple Choice

When the price of sugar was "low", consumers in the United States spent a total of $3 billion annually on its consumption.When the price doubled, consumer expenditures actually increased to $4 billion annually.This indicates that

• A)the demand for sugar is elastic.
• B)the demand curve for sugar is upward sloping.
• C)sugar is a Giffen good.
• D)none of the statements associated with this question are correct.

---

Definitions:

Planning Phase

The initial stage in a project or process where objectives are set, strategies are developed, and tasks are allocated to achieve specific goals.

Market-Product Grids

Analytical tools used to explore the potential of different market segments in relation to a range of products.

Marketing Mix Actions

Strategies and tactics adopted in varying the four Ps (Product, Place, Price, Promotion) to meet customer needs and reach marketing objectives.

SWOT Analysis

SWOT Analysis is a strategic planning tool used to identify and understand the Strengths, Weaknesses, Opportunities, and Threats related to business competition or project planning.