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Evaluating the market condition

12. Orley has a wine cellar in which he keeps choice wines from around the world. What does Orely expect to happen to the prices of the wines he keeps in his cellar? Explain your answer. How does Orley decide which wine to drink and when to drink it?


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As and as wine gets old, its quality becomes better and better. Therefore, with time, Orley can expect that the prices of the wines stowed in his cellar would ...

Solution Summary

Demand and supply in factor markets are illustrated.