For a consumer who is brand loyal to a particular brand, a price increase in that brand will typically result in
A) an elastic price curve at any price increase
B) an inelastic price curve at any price increase
C) an inelastic price curve up to a certain price increase
D) an elastic price curve up to a certain price increase

Question

Quizplus · Accepted Answer

For a consumer who is brand loyal to a particular brand, a price increase in that brand will typically result in an inelastic price curve up to a certain price increase because they are not willing to substitute with another brand.

For a Consumer Who Is Brand Loyal to a Particular