Phoenix was a professional classical guitar player until a motorcycle accident left him disabled. After long months of therapy, he hired an experienced luthier and started a small shop to make and sell Spanish guitars. The guitars sell for $705, and the fixed monthly operating costs are as follows: Rent and utilities $810 Wages and benefits to luthier $2,510 Other expenses $470 Phoenix's accountant told him about contribution margin ratios, and Phoenix understood clearly that for every dollar of sales, $0.60 went to cover his fixed costs, and anything above that point was profit. Phoenix is planning to increase the sales price to $760. What impact will the increase in sales price have on the contribution margin ratio? . . . O A. It will stay the same. O B. It will decrease to approximately 48.42%. O C. It will increase to approximately 62.89%. O D. It will increase to 52.76%