If electricity demand is inelastic, and electric rates increase, which

If electricity demand is inelastic, and electric rates increase, which of the following is likely to occur?

A) Quantity demanded will fall by a relatively large amount.
B) Quantity demanded will fall by a relatively small amount.
C) Quantity demanded will rise in the short run, but fall in the long run.
D) Quantity demanded will fall in the short run, but rise in the long run.

ANSWER

B