Elastic Demand Implies

Multiple Choice

Elastic demand implies

A) that a one percent increase in price results in a smaller than one percent decrease in quantity demanded.
B) that a one percent increase in price results in a larger than one percent decrease in quantity demanded.
C) that a one percent cut in price results in a larger than one percent increase in quantity demanded.
D) that a one percent decrease or increase in price induces no change in total revenue.