Question

Suppose you are the manager of a California winery. How would you expect the following events to affect the market equilibrium price you receive for a bottle of wine? Please state the shift (leftward or rightward) of demand or supply.

a. The price of comparable French wines decreases.
b. One hundred new wineries open in California.
c. The price of a glass bottle increases significantly due to new government anti-shatter regulations. d. Researchers discover a new wine- making technology that reduces production costs.
e. The average age of consumers increases, and older people drink less wine.