A company chose to lower the price of its product by $10\%$. What would happen?
- AThe firm’s costs would decrease if the elasticity of demand was greater than one.
- BThe firm’s profits would increase if the elasticity of demand was greater than one.
- CThe firm’s revenue would increase if the elasticity of demand was greater than one.
- DThe quantity sold would decrease if the elasticity of demand was less than one.