Pheonix 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 $700, and the fixed monthly operating costs are as follows: Rent and utilities Wages and benefits to luthier Other expenses $800 2,510 480 Pheonix's accountant told him about contribution margin ratios, and Pheonix understood clearly that for every dollar of sales, $0.60 went to cover his fixed costs, and anything above that point was profit. Pheonix 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 increase to 52.11%. OB. It will stay the same. O c. It will increase to approximately 63.16%. OD. It will decrease to approximately 47.37%