Suppose the price of beef rises by 10 percent and the quantity of beef demanded falls by 20 percent. We can conclude that
(A)demand for beef is price elastic and consumer spending on beef is falling. (B)demand for beef is price elastic and consumer spending on beef is rising. (C)demand for beef is price inelastic and consumer spending on beef is falling. (D)demand for beef is price inelastic and consumer spending on beef is rising.
A