A guitar manufacturing company, launched 1000 high-quality, limited-edition guitars worldwide at a premium price of $10,000 per guitar. The company offered the lower-priced version of the same guitar after the first 1000 limited-edition guitars were sold out. In the context of pricing strategies, it can be concluded that Timber Guitars has adopted the strategy of .

skimming prices

Explanation:

Based on the scenario being described it can be said that it can be concluded that Timber Guitars has adopted the strategy of skimming prices. This is a a pricing strategy in which a company or marketer sets a relatively high starting price for their products in the beginning of introducing it into the market, then only after some time has passed do they begin to lower prices slowly. Which is what Timber Guitars has done by placing the guitar at a very high price and only lowering it after a good quantity were sold.

answer; is usually (less than) the socially optimal level of consumption;