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    sudden and permanent shift

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    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?

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    For a sudden and permanent shift, the consumption of wine will ...

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    Effects are noted of sudden and permanent shift in the solution.