Which of the following best describes the shape of the demand curve for a prestige product?
a. It has a straight-line shape showing that consumers are less willing to purchase the product at higher prices than lower prices.
b. It has a straight-line shape showing that consumers are willing to purchase greater quantities at higher prices than lower prices.
c. It has a curved shape showing that consumers are willing to purchase greater quantities at higher prices than lower prices. However, beyond a certain high price point, demand declines.
d. It has a straight-line shape showing that consumers' willingness to purchase the product stays the same regardless of the product's price.
Answer: c. It has a curved shape showing that consumers are willing to purchase greater quantities at higher prices than lower prices. However, beyond a certain high price point, demand declines.