Which of the following is TRUE regarding price elasticity? Group of answer choices

a) Price elasticity does not depend on magnitude and direction of the contemplated price change.

b) If demand is elastic, reducing the price decreases total revenue.

c) Long-run and short-run price elasticity may differ, delaying the impact of a price change.

d) The higher the elasticity, the less the volume growth resulting from a one-percent price reduction.

e) When demand is inelastic, sellers should lower prices in order to increase total revenue.