Q8 QUESTION 7Which of the following is not characteristic of the demand for a commodity that is elastic?O The elasticity coefficient is less than one.Buyers are relatively sensitive to price changes.Total revenue declines if price is increased.O The relative change in quantity demanded is greater than the relative change in price.QUESTION 8If the demand for product A is elastic, a 7 percent increase in the price of A will:increase the quantity of A demanded by less than 7 percent.decrease the quantity of A demanded by less than 7 percent.increase the quantity of A demanded by more than 7 percent.decrease the quantity of A demanded by more than 7 percent.

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QUESTION 8 If the demand for product A is elastic, a 7 percent increase in the price of A will: O increase the quantity of A demanded by less than 7 percent. decrease the quantity of A demanded by less than 7 percent. increase the quantity of A demanded by more than 7 percent. decrease the quantity of A demanded by more than 7 percent.