A manufacturer of ginseng tea found that when it lowered the price of a can of its product from $8 to $7, total revenue declined and when it raised the price from $8 to $9 and total sales revenue again declined. Given this information, which of the following statements is correct? The demand for the product is inelastic in the $7 to $8 range The demand for the product is elastic in the $7 to $8 price range $8 cannot be an equilibrium price for this product d. The demand for the product is inelastic in the $8 to $9 price range