Suppose that market forces determine the price of rental apartments in Seattle.Currently, the demand and supply schedules are the following:

Price

Quantity Demanded

Quantity Supplied

$400

10,000

8,000

800

8,000

8,000

1200

6,000

8,000

1600

4,000

8,000

2000

2,000

8,000

2400

1,000

8,000

Using the table above, which term best describes the elasticity of the supply curve?

Group of answer choices

Inelastic

Elastic

Perfectly inelastic

Perfectly elastic