On what basis is a good considered either a normal good or an inferior good? A. the quality of the good O B. personal preference toward the good O C. the price of the good O D. the amount of a person's incomeAs elasticity rises, what happens to the supply curve? C) A. It becomes downward sloping. O B. It gets flatter. O C. It becomes vertical. 0 D. It gets steeper. When is demand said to be unit elastic? O A. when the quantity demanded does not respond to a change in price 0 B. when the quantity demanded changes by a smaller percentage than the price 0 C. when the quantity demanded changes by a larger percentage than the price 0 D. when the quantity demanded changes by the same percentage as the price The local Greek restaurant makes such great chicken souvlaki that consumers do not respond much to a change in the price. Ifthe owner is interested only in increasing revenue, what should he do? O A. He should reduce costs. O B. He should raise the price of the chicken souvlaki. O C. He should leave the price of the chicken souvlaki alone. O D. He should lower the price of the chicken souvlaki