The correct answer the demand for rides being highly elastic.
When demand is very elastic, lowering the price leads to an increase in overall income. The elasticity of demand is the change in demand that occurs when another economic component, such as price or income, changes.
Inelastic demand occurs when the demand for a commodity or the service stays constant despite price changes. Elastic commodities include luxury items as well as some foods and beverages because price variations impact demand. An elastic demand curve is one in which the amount sought for a particular commodity is responsive to price fluctuations.
Therefore, the correct answer is c. the demand for rides being highly elastic.
To know more about elastic demand click here:
https://brainly.com/question/5078326
#SPJ4
