The elasticity of demand is 0.2. Is the demand curve relatively steep or flat? Will a fall in price raise total revenue or lower it? Note: we present the elasticity in terms of its absolute value.* O a. Relatively steep; raise total revenue b. Relatively flat; raise total revenue O c. Relatively steep; lower total revenue O d. Relatively flat; lower total revenue The elasticity of demand is 2.0. Is the demand curve relatively steep or flat? Will a fall in price raise total revenue or lower it? Note: we present the elasticity in terms of its absolute value. O a. Relatively steep; raise total revenue O b. Relatively flat; raise total revenue O c. Relatively steep; lower total revenue O d. Relatively flat; lower total revenue The elasticity of demand is 1.1. Is the demand curve relatively steep or flat? Will a fall in price raise total revenue or lower it? Note: we present the elasticity in terms of its absolute value.* O a. Relatively steep; raise total revenue O b. Relatively flat; raise total revenue O c. Relatively steep; lower total revenue O d. Relatively flat; lower total revenue