Suppose that the price of peanuts rises from $2 5 to $3 per bushel and that, as a result, the total revenue received by peanut farmers changes from $14 to $16 billion Thus, Multiple Choice the demand for peanuts is elastic the demand for peanuts is inelastic the demand curve for peanuts has shifted to the right no inference can be made as to the elasticity of demand for peanuts

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Suppose that the price of peanuts rises from $2.5 to $3 per bushel and that, as a result, the total revenue received by peanut farmers

Suppose that the price of peanuts rises from $2.5 to $3 per bushel and that, as a result, the total revenue received by peanut farmers changes from $14 to $16 billion. Thus,

Multiple Choice

the demand for peanuts is elastic.
the demand for peanuts is inelastic.
the demand curve for peanuts has shifted to the right.
no inference can be made as to the elasticity of demand for peanuts.

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