Which of the following statements about price elasticity is false?
A. Steak is an example of a product that has an elastic demand for most people, because when price goes up quantity demanded goes down proportionally.
B. Elasticity of demand is the relative responsiveness of a change in quantity demanded to changes in price.
C. If marketers can determine price elasticity, then setting prices at optimum levels is much easier.
D. When price is raised on a product that has an inelastic demand, then total revenue will decrease.
E. A product like electricity has an inelastic demand.
Answer: D
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