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.

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Definitions:

Internal Locus of Control

The belief that individuals control their own destiny and outcomes are the result of their own actions.

External Locus of Control

A belief system that suggests one's successes or failures result from external factors beyond personal control.

Implicit Motivation

Subconscious desires and aspirations that influence behavior without one being consciously aware of them.

Explicit Motivation

The conscious and deliberate drive to achieve goals or meet needs.