Because the guitars made by Washburn Guitars (very well-known brand with musicians) are endorsed by internationally known musicians, the owner of the company believes this reduces the price elasticity for the guitars. This means that:
A) the buyers of the Washburn Guitar are extremely price-sensitive.
B) slight increases in prices will decrease demand for Washburn Guitars.
C) slight increases in prices will have no effect on demand for Washburn Guitars.
D) the demand for the Washburn Guitar will stay the same no matter what the price increase is.
Correct Answer:
Verified
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