When the demand for a product is price elastic, a rise in its price causes total revenue to:

Select one:

a. fall because quantity sold remains the same and thus total revenue falls.

b. fall because the higher price per product is not enough to offset the decrease in revenue from the fall in quantity sold.

c. rise because the higher price per product will more than offset the fall in revenue due to the decrease in quantity sold.

d. fall because the quantity sold will decrease, therefore total revenue falls.