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Suppose that over time consumers become more focused on stylistic differences among shoe brands.

Which of the following is likely to happen as a result? Check all that apply.

- Sleek's demand curve is inelastic at the profit-maximizing price.
- The demand for each firm's products will become more price inelastic.
- This will allow Sleek to charge a higher price.



Answer :

GinnyAnswer

Final answer:

Consumers valuing stylistic differences can lead to firms' products being more price inelastic, allowing firms like Sleek to charge higher prices.


Explanation:

The demand for each firm's products will become more price inelastic: As consumers focus more on stylistic differences, they become more price-sensitive, leading to a higher likelihood of staying loyal to a specific brand despite price changes.

This will allow Sleek to charge a higher price: With consumers valuing stylistic differences more, Sleek can capitalize on this by potentially charging a premium for their unique designs.

Sleek's demand curve is inelastic at the profit-maximizing price: If Sleek's products are perceived as unique and essential by consumers, this can lead to an inelastic demand curve, allowing Sleek to maintain higher prices.


Learn more about Price Elasticity of Demand here:

https://brainly.com/question/31293339


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