When advertising acts to encourage and maintain brand loyalty it supports successful price increases. Economists call this:

Name: When advertising acts to encourage and maintain brand loyalty it supports successful price increases. Economists call this:
Brand: Quizplus
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Question

Quizplus · Accepted Answer

When advertising creates loyalty towards a brand, demand becomes inelastic. This means that consumers are willing to pay higher prices for the product as they become emotionally attached to the brand and are less likely to switch to a competitor.

When Advertising Acts to Encourage and Maintain Brand Loyalty It