The demand curve for a good with an income elasticity of less than one CU Select one: O a. must be upward sloping. must be downward sloping. c. indicates a normal good. d. will be upward sloping only if the substitution effect outweighs the income effect. e. will be upward sloping only if the income effect outweighs the substitution effect. Consider a single-price monopolist that is operating in the inelastic range of its linear demand curve. This firm Select one: a. could raise its total revenue by lowering its price. b. would be operating at its profit-maximizing position. C. would have a marginal revenue curve that is negative. d. would be operating where its AR is negative. e. would have a marginal revenue that is negative although its total revenues would be at a maximum.