Effect of preference on demand

Maureen generally drinks two glasses of Lost Horizons Cabernet Sauvignon each evening. Her demand for her preferred brand is least probable to be influenced by: (i) The bad crop of grapes lowering the quality of Lost Horizons Cabernet. (ii) Getting a $4000 annual increase in her income. (iii) An enormous fall in the price of an alike wine, Cloudy Head Cabernet. (iv) Lost Horizons winery’s acquisition of the other Cabernet vineyard, doubling its production.

Find out the right answer from the above options.

View Complete Question

Related Questions in Microeconomics

Q : Sufficient general theory of oligopoly

A sufficient general theory of oligopoly would: (w) merely blend elements from competitive and monopolistic models. (x) qualitatively account for interdependence in decision making in broad terms. (y) closely fit all types of oligopoly markets. (z) de

Q : Problem on Horizontal Mergers Can

Can someone please help me in finding out the accurate answer from the following question. Which of the given below is not an illustration of horizontal integration? (1) Prudential Insurance gets Metropolitan Life Insurance. (2) Daimler-Benz absorbs Chrysler. (3) McDo

Q : Diseconomies of scale problem Can

Can someone help me in finding out the right answer from the given options. When the average production costs rise as the total production of a firm rises, the firm is experiencing: (1) economies of scale. (2) Economies of scope. (3) Diseconomies of scope. (4) Disecon

Q : Testing Functional structure models

Testing Functional structure models: It is often hard to tell whether the functional model structure chosen (which almost always in published work appears to generate consistent and robust results) is the only one tested or not.

Q : What will occur when government taxes a

When the government taxes a good, the price consumers currently face is most probably: (w) higher than before the tax. (x) below the price the seller receives. (y) less than average production cost. (z) justified through welfare payments to taxpayers.

Q : Question on lowering the supply The

The Reagan Administration introduced new agricultural program named as the Payment-in-Kind Program, in the year of 1983. In order to distinguish how the program worked, let's assume the wheat market. Now assume the government desire to lower the supply of whe

Q : Federal minimum wage rose over

The LEAST likely outcome, when the federal minimum wage is increased $1 over the equilibrium wage rate, that would be for the: (w) unemployment rate of teenagers and unskilled workers to rise. (x) quantity of unskilled workers supplie

Q : Existence of Diseconomies I have a

I have a problem in economics on Existence of Diseconomies. Please help me in the following question. Diseconomies of the scale exist if: (1) Price reduces as more units are sold. (2) Total costs reduction as output raise. (3) Average costs raise as output rises. (4)

Q : Price charging equality to marginal cost

Within the short run, a price-maker firm along with important market power but that cannot price discriminate is unable to concurrently maximize profit and: (i) charge a price equal to marginal cost. (ii) minimize average total cost. (iii) produce out

Q : Resource of supply curve The resource

The resource probably to conform to the supply curve demonstrated in this figure would be: (1) housing. (2) capital. (3) labor. (4) land. (5) entrepreneurship.

Discover Q & A

Leading Solution Library

Avail More Than 1443262 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads

No hassle, Instant Access

Start Discovering

18,76,764

1952765
Asked

3,689

Active Tutors

1443262

Questions
Answered

Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!

Submit Assignment