In Figure 6.1, if the price of automobiles is set below price P1, then we can conclude that: Figure 6.1 Graph-Downward sloping straight line demand curve; point e=1 on the demand curve has coordinates P1 and Q1 In Figure 6.1, if the price of automobiles is set below price P1, then we can conclude that: demand for automobiles is responsive to a change in price. consumers will look for substitutes for automobiles. demand for automobiles is elastic. demand for automobiles is inelastic