Steinway Produces Concert Grand Pianos, Often Using the Custom Materials

Multiple Choice

Steinway produces concert grand pianos, often using the custom materials and designs desired by a specific customer. The average price of these pianos runs about $50,000 depending on the exact piano. What type of pricing does Steinway most likely use for these pianos?

A) Markup
B) Competition-based
C) Cost-plus
D) Demand-based
E) Secondary-market