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A store sells a good with a price elasticity of demand of -1.23.If it lowers its price its total revenue will because the _.

A store sells a good with a price elasticity of demand of -1.23.If it lowers its price its total revenue will ______ because the _______.

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decrease, percentage change in price is smaller than the percentage change in quantity demanded (in absolute value)

increase, percentage change in price is smaller than the percentage change in quantity demanded (in absolute value)

increase, percentage change in price is larger than the percentage change in quantity demanded (in absolute value)

decrease, percentage change in price is larger than the percentage change in quantity demanded (in absolute value)

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