Refer to the Accompanying Table

Multiple Choice

Refer to the accompanying table.The price elasticity of demand of erasers is __________ when the price is lowered from $1.50 to $1.00.Sellers of erasers will __________ their total revenue from this price change.

A) perfectly elastic; not change
B) elastic; raise
C) elastic; lower
D) inelastic; lower
E) inelastic; raise