"A number of mass transit systems have been experiencing declining revenues despite fare increases." Assuming that the demand for mass transit has not changed (i.e., that the demand curve has not shifted), the above statement implies that:
A.
the demand for mass transit is elastic with respect to price.
B.
the demand for transit is inelastic with respect to price.
C.
mass transit is an inferior good.
D.
revenues would have risen only if fares had been increased by a larger amount.