Figure 5-6 20 Price 18 - 16 - 14 12 + 10 8 10 12 14 16 Quantity Refer to Figure 5-6, which shows a demand curve with a vertical axis intercept of 16 and a slope of -1. (8, $8) is a marked coordinate on the curve. For prices below $8, demand is price O elastic, and total revenue will rise as price rises. O inelastic, and total revenue will rise as price rises. O elastic, and total revenue will fall as price rises. O inelastic, and total revenue will fall as price rises