Versace's men's cologne "Gucci Guilty" is most likely considered a prestige product. If the marketing managers at Versace wanted to test the elasticity of the demand to confirm its prestige product status, which of the following outcomes would they likely expect?
a. The demand for the product would diminish at a certain higher price point.
b. The demand for the product would be unaffected by the price.
c. The demand for the product would vary widely based on the price.
d. The demand for the product would be lower at higher prices.
Answer: a. The demand for the product would diminish at a certain higher price point.