Wset level 4 d2 quastions - Study guides, Class notes & Summaries

WSET Level 4 D2 quastions and answers Describe what happens when relative supply and demand change - When supply exceeds demand: price falls, consumer have greater choice of cheaper alternatives. Producers lower price to remain competitive. Fall in prices lead to increased demand in the long run - When demand exceeds supply: price increase, consumers willing to pay higher for some wines; others simply switch to another wine or a different alcoholic drinkThe ge...