Suppose the demand curve for a product is represented by a typical downward-sloping curve. Now suppose that the demand for this product increases. Which of the following statements accurately predicts the resulting increase in price?
A. The more elastic the supply curve, the greater the price increase.
B. The more elastic the supply curve, the smaller the price increase.
C. The increase in price is not affected by the elasticity of the supply curve.
D. There will be no increase in price if the supply curve is perfectly inelastic