When the price of a certain good was higher than it is now, consumers spent a total of $3 billion annually buying the good.

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  1. When the price of a certain good was higher than it is now, consumers spent a total of $3 billion annually buying the good. Then the price decreased and as a result, consumer expenditure on the good (and the producers’ revenue) changed to $5 billion annually. Assuming the levels of all demand shift variables remained constant, what can you tell from this information?
  2. none of the above, because you don’t know by how much the price decreased.
  3. only that the quantity demanded increased.
  4. only that the demand curve is downward-sloping.
  5. that the quantity demanded increased and that demand for this good is inelastic.
  6. that the quantity demanded increased and that demand for this good is elastic.

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