You observe that the revenue of a monopolist varies directly with changes in price. Part 2 This firm is is not maximizing its economic profits because a profit-maximizing monopolist will never operate in a price range in which demand is A. elastic since this is range in which revenues are falling and the firm could raise revenues by raising the price into the inelastic range of demand. B. inelastic since this is range in which revenues are falling and the firm could raise revenues by lowering the price into the elastic range of demand. C. elastic since this is range in which revenues are falling and the firm could raise revenues by lowering the price into the inelastic range of demand. D. inelastic since this is range in which revenues are falling and the firm could raise revenues by raising the price into the elastic range of demand