The customers of TimeZone watches have high brand loyalty and although the watches are priced at high rates, TimeZone's customers are willing to pay the market price of the product.This is an example of .

Question

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The customers' willingness to pay the market price of the product despite its high price indicates inelasticity of demand. This means that the customers' demand for the product is not affected by its price, suggesting that they have a high level of loyalty to the brand and perceive it to have high value. This can lead to a higher profit margin for the company as they are able to charge a premium for their product due to customers' loyalty and the inelasticity of demand.

The Customers of TimeZone Watches Have High Brand Loyalty and Although