Assume champagne industry has recently launched a successful marketing campaign that changes consumers' tastes and preference for champagne. Many executives in the industry were happy about the resulting excessively high champagne prices. But some economists feared that such sharp price increases would cause demand to decline and may lead to a collapse in the champagne market. Please discuss the above situation in terms of economic theories such as demand/supply, elasticity, etc. Instructions Please keep the response to no more than 250 words