Which of the Following Is True

Multiple Choice

Which of the following is true?
I. The easier it is to find substitutes for a good, the more price elastic the demand for the good is.
Ii. The demand for a good is more price elastic the smaller the proportion of income spent on it.
Iii. If demand is price elastic, lowering the price leads to a decrease in total revenue.

A) Only i
B) Only ii
C) Only iii
D) i and ii
E) i and iii