Demand for movie rentals is highly elastic what will happen if a video store raises the price of a rental?

If a video store raises the price of a rental in a market where demand is highly elastic, it is likely to experience a significant drop in the quantity of rentals sold. Customers may seek alternative options, such as streaming services or competing rental stores, leading to a decrease in overall revenue. The price increase may drive price-sensitive consumers away, ultimately harming the store's profitability.