Recall the Application of the Upward Jump and Downward Slide

question 148

Multiple Choice

Recall the application of the upward jump and downward slide of wine prices,what can you determine from the price soared for the pinot noir wine grown in the Willamette Valley in Oregon and for other brands the price tripled?

• A)Wine consumers are not eager to pay high prices.
• B)Producers were unable to increase production in the long run.
• C)In the short run,the supply of wine is inflexible.
• D)The demand is unit elastic.

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Definitions:

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