Which of the following is true?
i. The demand for a good is elastic if when its price changes, the percentage change in the quantity demanded exceeds the percentage change in price.
ii. Price elasticity of demand equals the percentage change in price divided by the percentage change in the quantity demanded.
iii. If demand is price inelastic, a rise in price leads to a decrease in total revenue.
A) only i
B) only ii
C) only iii
D) i and ii
E) ii and iii
A
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