Brand loyalty usually makes the demand curve for a product
A)More price-elastic.
B)Less price-elastic.
C)Unitary elastic.

Question

Quizplus · Accepted Answer

Brand loyalty creates a situation where consumers are willing to pay a higher price for a particular brand, making the demand curve less price-elastic. This means that even if the price of the product increases, the loyal consumers are still willing to purchase it, resulting in a less significant decrease in demand compared to a price increase for a product without brand loyalty.

Brand Loyalty Usually Makes the Demand Curve for a Product