What is true about elasticity and revenue? Question 16Answer a. Price elastic demand or supply (elasticity greater than 1) results in a proportionately larger impact on quantity demanded or supplied with a change in price. b. Price elastic demand or supply may lead to an increase in total revenue when the price is increased, as the increase in quantity demanded outweighs the decrease in price. c. Price elastic demand or supply may lead to a decrease in total revenue when the price is increased, as the decrease in quantity demanded outweighs the increase in price. d. Price elastic demand or supply can lead to a more predictable relationship between price changes and total revenue