Write 'True' if the statement is true and 'False' if the statement is false. i. If the market for a product is narrowly defined, then there are likely to be many substitutes for the product and the demand for the product is relatively elastic. ii. If the price elasticity of demand is unit-elastic, a 10 per cent increase in price will result in a 10 per cent increase in revenue. iii. When Audrina raised the price of her homemade cookies, her total revenue increased. This suggests that the demand for Audrina's cookies is elastic. iv. Demand for staples such as dairy products and bread is likely to be both income and price inelastic. v. If the cross-price elasticity of demand for goods A and B is zero, this means the two goods are unrelated