The SumEnergy Co. once asked the Public Utilities Commission for permission to increase its electricity rates by 22 percent. The electric company argued that declining revenues made this rate increase essential. Opponents of the rate increase contended that the electric company's revenues would fall because of the rate hike. It can be concluded that: Group of answer choices the electric company felt that the demand for electricity was elastic and opponents of the rate increase felt it was inelastic. both groups felt that the demand was elastic but for different reasons. both groups felt that the demand was inelastic but for different reasons. the electric company felt that the demand for electric service was inelastic and opponents of the rate increase felt it was elastic