If the Price of a Product Is Lowered from $300

Multiple Choice

If the price of a product is lowered from $300 to $270, and as a result the quantity demanded increases from 25 to 30 units, we know that in that range:

A) ​demand has declined.
B) ​demand is elastic.
C) ​demand is unit elastic.
D) ​demand is inelastic.
E) ​demand is perfectly elastic.