A $1.00 increase in the price of a restaurant meal results in a drop in quantity demanded of 5 meals. Which of the following statements is correct?
a. The slope of the demand curve is -1/5; there is insufficient information to determine the price elasticity of demand.
b. The price elasticity of demand is -1/5; there is insufficient information to determine the slope of the demand curve.
c. Both the slope of the demand curve and the price elasticity of demand are equal to -1/5.
d. There is insufficient information to determine either the slope of the demand curve or the price elasticity of demand.
e. The slope of the demand curve is -1/5; the price elasticity of demand is 5.