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Return to Book Page. Preview — Economics by John Sloman. Economics by John Sloman ,. Alison Wride. Written from a European perspective, this text acquaints students with basic microeconomics, macroeconomics and EU institutions and policy.
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Log in or create an account. Click here to start building your own bibliography. Keep on Citing! Choose your Type. Choose your Style. Join Us! Most of the wine is sold en primeur, and is usually sold at a reduced price compared to its future selling price when bottled. It goes against the theory of demand — when a better vintage3 is produced, the price will usually be higher than for lesser vintages see Figure 7. However, instead of demand falling, they will actually see higher demand.
This is because investors believe that these vintages will increase in quality and intrinsic value over time. Lafite actually countered this theory for a long time, with increasing sales despite there being a number of substitute wines.
However, the last 2 years has seen consumers move their interest to other significant producers. For example, the vintage of Lafite is made from grapes grown during Well, Lafite can be categorized as a Veblen good. Such goods are named after American economist Thorstein Veblen who first drew attention to consumers desire for exclusivity.
For these products, as the price increases, so does demand Begg, Consumers were initially willing to pay this premium, going against demand theory by representing a direct relationship between price and demand see Figure 8.
This further forced unrealistic increased prices within the market, leading to a market adjustment as the Lafite bubble burst.
Conventionally it is understood that the quantity of a good demanded will fall as the price increases Sloman, , and vice versa.
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