There are about 400 wineries in california’s napa valley. suppose the owner of one of the wineries—jerry’s wine emporium—raises the price of his wine by $5.00 per bottle. if the industry is perfectly competitive, the reaction of consumer would be to

a) buy more of jerry’s wine
b) buy some, but less of , jerry’s wine
c) buy wine from another winery
d) stop drinking wine

Simon, aged 10, is invited to a classmate's birthday party at an exclusive ski resort on march 15th. the day will include 4 hours of snowboarding, lunch and birthday cake. simon's mother checks a box on the invitation that says "yes, we will attend" and returns it to the classmate's address. unfortunately, they later don't attend the party when simon comes down with the flu. on march 17th, simon's mother receives an invoice in the mail from simon's classmate for $35 that says, "party no-show fee." can simon's classmate collect the fee?