UI Post-UTME Economics 2025 (Model questions) Question 2

The demand for a good is said to be price inelastic when:
I. A 10% price rise causes less than 10% fall in quantity demanded
II. The PED value is between 0 and 1
III. Total revenue increases when the price is raised
IV. The good has many close substitutes

1. A.I, II and III only
2. B.II and IV only
3. C.III and IV only
4. D.All of the above