In November, the appliance store priced its front-loading washing machines at $899.00 and sold 50 units. In December they reduced the price to $799.00 and sold 53 units. Which of the following statements is accurate regarding this situation?
A. Demand is inelastic and total revenue rose from November to December.
B. Demand is inelastic and total revenue fell from November to December.
C. Demand is neither elastic nor inelastic, but revenue rose from November to December.
D. Demand is elastic and total revenue fell from November to December.
E. Demand is elastic and total revenue rose from November to December.
Answer: B
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