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This quiz: 20 point(s) . 'bl Question 2 of 20 p038' e @3 This question: 1 Submit quiz point(s) possible You observe that the revenue of a monopolist varies directly with changes in price. This rm .maximizing its economic prots because a prot-maximizing monopolist will never operate in a price range in which demand is OA. inelastic since this is range in which revenues are falling and the rm could raise revenues by lowering the price into the elastic range of demand. . elastic since this is range in which revenues are falling and the rm could raise revenues by raising the price into the inelastic range of demand. . inelastic since this is range in which revenues are falling and the rm could raise revenues by raising the price into the elastic range of demand . elastic since this is range in which revenues are falling and the rm could raise revenues by lowering the price into the inelastic range of demand