Over the years, the market demand for long-playing records made of polyvinyl has fallen considerably as new

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Over the years, the market demand for "long-playing records made of polyvinyl has fallen considerably as new technologies replaced the old "LP." Yet, LPs are still available for sale and they sell at price points higher (in some cases much higher) than CDs. According to economic theory, when demand falls, the price of a product should fall. Explain this apparent contraction between theory and fact.
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Managerial Economics

ISBN: 978-0133020267

7th edition

Authors: Paul Keat, Philip K Young, Steve Erfle

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