If a firm finds that it can sell $32,000 worth of a product when its price is $8 per unit and $35,000 worth of it when its price is $10, then

Multiple Choice

• the demand for the product is inelastic in the $10-$8 price range.
• the demand for the product must have increased.
• elasticity of demand is 1.67.
• the demand for the product is elastic in the $10-$8 price range.