In a normal market situation, when price is lowered the quantity sold increases. Which of the following can be accurately concluded based on this observation? I. the demand is elastic Il. revenue increases when price is lowered Ill. profit increases when price is lowered Only statement I is true O Only statement Il is true O Only statements Ill is true O Only statements II and Ill are true O Statements I, II, and Ill are not true.Based on the lecture discussion about price floor, which of the following principles would be consistent with the concept/definition of price floor? I. price floor is the maximum value associated with a product Il. no customer will be willing to pay below the price floor for a product Ill. price floor is related to product cost Only statement I is true O Only statement II is true O Only statement Ill is true Only statements II and Ill are true O Statements I, II, and Ill are true.A marketer wants to increase profits (marketing objective) and assume the marketer is operating under an elastic demand situation. Which of the following action/s would guarantee an increase in profits? 1. reduce price to sell more quantity ll. raise price to sell more quantity Ill. keep prices the same as before Only statement | is true O Only statement Il is true O Only statements I and ll are true Only statements II and Ill are true O Statements I, II, and Ill are not true