Single-malt whisky is a luxury good that rarely costs less than 75 dollars per 750ml bottle. In

recent years, single-malts have gained popularity. However, most people have little knowledge of

the product, other than it tends to be a luxury drink. Despite having a very good product at a

low price point of 60 dollars per bottle, a given company is struggling to make profit. Based on a

recommendation, they increase their price by 20 dollars per bottle and their quantity demanded

increased. Does this mean that single-malt whisky is subject to an upward sloping demand curve?

Or, have we over-looked an important assumption concerning supply and demand?