Suppose That the Inverse Demand Curve for a Well-Known Sports

question 118

Multiple Choice

Suppose that the inverse demand curve for a well-known sports car can be expressed as , where price is in dollars and quantity is in numbers of cars. What is true about the demand for these sports cars at a quantity of 200?

• A) Demand is inelastic because the absolute value is greater than 0 and less than 1.
• B) Demand is inelastic because the absolute value is greater than 1.
• C) Demand is elastic because the absolute value is greater than 0 and less than 1.
• D) Demand is elastic because the absolute value is greater than 1.

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