If a good has a price elasticity of demand of - 3, it implies that: a. if the price of the good increases by 3%, the quantity demanded of the good will increase by 1%. b. if the income of the consumer increases by 3%, the quantity demanded of that good will increase by 1%. c. if the price of the good increases by 1%, the quantity demanded of the good will decrease by 3%. d. if the income of the consumer increases by 1%, the quantity demanded of that good will increase by 3%.