As consumers bought compact discs instead of vinyl records, the number of vinyl records produced decreased, making their production less cost-efficient. Compact disc player technology continued to change and develop even after compact discs first entered the market. Consumers were so enthusiastic about the improved sound quality offered by compact disc technology that they were willing to pay a higher price to obtain it. Some consumers who continued to buy vinyl records instead of compact discs did so because they were unwilling to pay a higher price for compact discs.
When compact discs first entered the market, they were priced significantly higher than vinyl records. Manufacturers attributed the difference in price to the difference in production costs, saying that compact disc production was expensive because the technology was new and unfamiliar. As the technology became more efficient, the price of the discs did indeed come down. But vinyl records, whose production technology has long been established, then went up in price to approach that of compact discs.
Which one of the following most helps to explain why the price of vinyl records went up?