The price elasticity of demand for a product with high brand loyalty will be;Group of answer choicesPerfectly elasticInelasticinfinite elasticElastic
Question
Solution 1
The price elasticity of demand for a product with high brand loyalty will be Inelastic.
Here's why:
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Price elasticity of demand measures how responsive demand is to a change in price.
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If a product has high brand loyalty, it means consumers will continue to buy it even if the price increases Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
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Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
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