7. < Question 7 (of 20) 49 Which of the following statements about price elasticity of demand is most accurate? Price elasticity with inelastic demand must always be greater than one. The more substitutes a product has, the less likely it is to be price elastic. Seasonal demand for a product like a snowblower does not affect its price elasticity. Items requiring large cash outlays relative to a consumer's disposable income are price elastic. With inelastic demand, reducing price will result in an increase in total revenue, though not necessarily an increase in profit. 2018 McGraw-Hill Education. All rights reserved. DOO Book 11 F10