Elastic demand exists when O a small percentage decrease in price produces a smaller percentage increase in quantity demanded and total revenue falls. a small percentage decrease in price produces a larger percentage increase in quantity demanded and total revenue increases. O an increase in price causes a larger increase in quantity demanded and total revenue falls to zero. O the quantity demanded remains the same regardless of level of price and total revenue is unchanged. O a small percentage decrease in price produces a smaller percentage decrease in quantity demanded and total revenue increases