Taylor Swift is a singer-songwriter whose pop album 1989 was the top-selling album of 2014, with 3.66 million copies sold in just its first 9 weeks of release. The path to success for pop musicians involves reducing the elasticity of demand that they face and building barriers to entry. That sounds like economic babble, but it has a lot of meaning. Using the language of economics and the concepts presented in this chapter, explain why lowering the elasticity of demand and building barriers to entry are exactly what Taylor Swift is trying to do.
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