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

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 curve for peanuts has shifted to the right.

B. the demand for peanuts is elastic.

C. the demand for peanuts is inelastic.

D. no inference can be made as to the elasticity of demand for peanuts.

ECO 561 UOP Final Exam University of Phoenix

Eco561 Eco/561 Final Examination Exam multiple choice quiz


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