Suppose that many vineyards in California were burned by wildfires during and shortly after the release of the movie Sideways. If both the quantity sold and price of Pinot Noir increased in the market after the movie release, what does this imply? Select one: a. The decrease in supply was greater than the increase in demand. b. The increase in demand was greater than the decrease in supply. C. The increase in supply was greater than the decrease in demand. d. The decrease in demand was greater than the increase in supply.
Suppose that many vineyards in California were burned by wildfires during and shortly after the release of the movie Sideways. If both the quantity sold and price of Pinot Noir increased in the market after the movie release, what does this imply? Select one: a. The decrease in supply was greater than the increase in demand. b. The increase in demand was greater than the decrease in supply. C. The increase in supply was greater than the decrease in demand. d. The decrease in demand was greater than the increase in supply.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Suppose that many vineyards in California were burned by wildfires during and shortly after the release of the movie Sideways. If both the quantity sold and
Select one:
a. The decrease in supply was greater than the increase in
b. The increase in demand was greater than the decrease in supply.
C. The increase in supply was greater than the decrease in demand.
d. The decrease in demand was greater than the increase in supply.
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