Which of the Following Statements About Price Elasticity of Demand

Multiple Choice

Which of the following statements about price elasticity of demand is true?

A) The more substitutes a product has, the less likely it is to be price elastic.
B) Price elasticity with unitary demand is less than 1.
C) With inelastic demand, a reduction in price increases total revenue.
D) With inelastic demand, price elasticity is less than 1.