In the spring and summer of 1993, Chronic Wasting Disease wiped out 25% of the elk herd in Wyoming, and the number of state hunting licenses issued was reduced accordingly. In order to compensate for the decrease in license issuances, Wyoming dramatically increased the price. Unfortunately, this strategy proved unsuccessful as the state reported a 50% decrease in total elk license revenues for '93. Which of the following most accurately describes this economic situation?
A The demand for Wyoming elk hunting is price inelastic
B The demand for Wyoming elk hunting is price elastic
C The supply of Wyoming elk hunting is price elastic
D The demand for Wyoming elk hunting fell