Figure 5-1 -Refer to Figure 5-1.If the Price Decreased from $18 to Decreased

Multiple Choice

Figure 5-1

-Refer to Figure 5-1.If the price decreased from $18 to $6,what would happen to total revenue and what would this imply about demand elasticity

A) Total revenue would increase by $1200 and demand would be elastic.
B) Total revenue would increase by $800 and demand would be elastic.
C) Total revenue would decrease by $1200 and demand would be inelastic.
D) Total revenue would decrease by $800 and demand would be inelastic.