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Consider the market demand for wine
Consider the market demand for wine.
Complete the following table by indicating whether an event will cause a movement along the demand curve for wine or a shift of the demand curve for wine, holding all else constant.
| Event | Movement Along | Shift |
|---|---|---|
| A decrease in the price of wine | ||
| An increase in the price of beer (a substitute for wine) | ||
| A change in tastes of consumers that makes them desire more wine |
Expert Solution
Movement along the demand curve is caused by the changes in the price of a product. Conversely, a shift in the demand is caused by other factors that influence demand apart from price.
| Event | Movement Along | Shift |
|---|---|---|
| A decrease in the price of wine | Movement Along | |
| An increase in the price of beer (a substitute for wine) | Shift | |
| A change in tastes of consumers that makes them desire more wine | Shift |
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