If the demand for wine is relatively inelastic a 10 percent...

If the demand for wine is relatively inelastic, a 10 percent decrease in the price of wine will: - decrease the amount demanded by more than 10 percent. - increase the amount demanded by more than 10 percent. - decrease the amount demanded by less than 10 percent. - increase the amount demanded by less than 10 percent.

If demand and supply both simultaneously decrease, then: a. price cannot be determined and quantity will increase b. price will increase and quantity cannot be determined c. price cannot be determined and quantity will decrease d. price will decrease and quantity cannot be determined Assume California wines and New York State wines are substitutes in consumption. If the price of California wines increases, you would expect to see the equilibrium price of New York State wine and the equilibrium quantity of New York State wine: a. increase; increase b. decrease; decrease c. decrease; increase d. increase; decrease Consider a market initially in equilibrium: Assuming only one curve shifts, which of the following would cause price to increase and quantity to increase in the market? a. an increase in supply b. a decrease in demand c. a decrease in supply d. an increase in demand

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