The Figure Given Below Shows the Demand Curves for Five

Multiple Choice

The figure given below shows the demand curves for five products: A, B, C, D, and E.Figure 6.1

-The value of price elasticity of demand is more likely to be above 1 if:

A) consumers have a long time to adjust to a price change.
B) the product is a necessity.
C) demand is inelastic.
D) there are few close substitutes for the product.
E) total revenue declines in response to a price reduction.