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

question 19

Multiple Choice

When the price of corn was "low," consumers in the United States spent a total of $8 billion annually on its consumption.When the price halved,consumer expenditures actually DECREASED to $6 billion annually.This indicates that:

• A) the demand for corn is elastic.
• B) the demand curve for corn is upward sloping.
• C) corn is a Giffen good.
• D) the demand for corn is inelastic.