8. If the price of condominiums falls and the demand for condominiums has unitary elasticity (elasticity equals 1), then: (1) the percentage increase in quantity demanded would be greater than the percentage decrease in price. (2) the percentage increase in quantity demanded would be less than the percentage decrease in price. (3) the percentage increase in quantity demanded would be equal to the percentage decrease in price. (4) total revenue would increase.(c) Unit Elastic Demand: Elasticity Equals 1 Price $5 4 1. A 22% Demand increase in price . . . O 80-+100 Quantity 2. . . . leads to a 22% decrease in quantity demanded