At the current price of $12.55 each, the elasticity of demand for a new digital album is given by η=−0.76. Which of the following is true?
a) Demand is elastic, meaning quantity demanded significantly changes with price.
b) Demand is inelastic, indicating quantity demanded changes minimally with price.
c) Demand is perfectly elastic, resulting in an infinite change in quantity demanded with any price change.
d) Demand is perfectly inelastic, implying no change in quantity demanded despite any price variation.