Answer:
Elastic
Explanation:
Elasticity of demand measures the responsiveness of quantity demanded to changes in price of a good
Elasticity of demand = percentage change in quantity demanded / percentage change in price
demand is elastic if a small change in price leads to a greater change in quantity demanded
Because there are a lot of cars available, if the price of cars are increased, consumers can easily shift to the consumption of cheaper cars
Demand is inelastic if a small change in price leads to little or no change in quantity demanded