Which of the following statements are true? (i) An increase in the number of available substitutes for a good will decrease the price elasticity of demand (in absolute value) for the good. (ii) If a 12% decrease in an individual’s income increases his quantity demanded for oats by 6%, the income elasticity of demand coefficient is -2. (iii) When demand is price inelastic, total revenue moves in the same direction as the price change.

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