34.Demand is said to be price elastic at a point on a demand curve if a a. 1 percent rise in price reduces the quantity demanded by more than 1 percent. b. 1 percent rise in price reduces the quantity demanded by less than 1 percent. c. 1 percent rise in price reduces the quantity demanded by more than 10 percent. d. 10 percent rise in price reduces the quantity demanded by less than 10 percent