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When the price of butter was low, consumers spent $5 billion annually on its consumption. When the price doubled, consumer expenditures increased to $7 billion.
When the price of butter was "low," consumers spent $5 billion annually on its consumption. When the price doubled, consumer expenditures increased to $7 billion. The demand curve for butter is upward sloping (i.e., price and quantity demanded are directly related, as price increases, quantity demanded also increases). Is this information true or false.
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