Beer and wine are the only goods produced in an economy characterized by perfect competition. Suddenly there is a permanent shift in the preferences of consumers in favor of beer and away from wine.
How would this effect the short and long run for wine? Wouldn't wine suffer a loss in both or just one?© BrainMass Inc. brainmass.com October 9, 2019, 8:25 pm ad1c9bdddf
For a sudden and permanent shift, the consumption of wine will ...
Effects are noted of sudden and permanent shift in the solution.