When the Price of Sugar Was "Low", Consumers in the U.S.spent

question 148

Multiple Choice

When the price of sugar was "low", consumers in the U.S.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 associated with this question are correct.

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Definitions:

IMC Strategy

Integrated Marketing Communications Strategy, a holistic approach to promoting a brand or product that ensures all messaging and communication strategies are unified across all channels and touchpoints.

Communication

The process of transferring information, ideas, and messages from one entity to another, using various channels and mediums for effective understanding.

Consumer

An individual or group that purchases goods and services for personal use.

Marketing Mix

The set of controllable marketing tools—product, price, place, and promotion—that a company uses to produce a response in its target market.