Chantel, a resident of denver, colorado, decided to open up her own fine jewelry store. to do so, she used her life savings and a loan from the bank. chantel was able to open up a store with sufficient inventory. she markets the jewelry as the "finest jewelry in the west." the most popular item chantel sells is a rose gold bracelet that sells for $550. during one month, chantel's fixed costs are $6,000. her variable costs average about $400.
refer to scenario 12.1. chantel decided to raise the price of her rose gold bracelets even higher to $750. to her surprise, though, demand went down. based on this information, the rose gold bracelets are most likely a(n)
a. competitive
b. fixed product
c. elastic
d. prestige product