10) Use the following graph of total revenues to answer the question below. $10 D E C Total Revenue (in thousands) B G H 2 0 12 4 8 10 14 1617 Quantity of Product X (in thousands) If the quantity of product X demanded falls from 16,000 to 10,000 units, then it suggests that the price of X was A) reduced and the demand is elastic. B) reduced and the demand is inelastic. C) increased and the demand is inelastic. D) increased and the demand is elastic