Final answer:
The long-run equilibrium price per bottle of wine can be found using demand and supply schedules by identifying the price point where quantity demanded equals quantity supplied, without relying on graphs.
Step-by-step explanation:
The long-run equilibrium price per bottle of wine, similar to the example given for gasoline in Figure 3.4, where the equilibrium price is $1.40 per gallon, can be determined using demand and supply schedules. These schedules help find the price at which the quantity of wine demanded by consumers and the quantity supplied by producers are equal. Without a graph, you can still discern this equilibrium price by scrutinizing the given schedules and pinpointing where both demanded and supplied quantities align.
In the case where a certain price, say $1.60, is above the equilibrium price, a surplus will occur, as the quantity supplied exceeds the quantity demanded. Understanding the equilibrium concept is critical, as it helps avoid market inefficiencies like surpluses and shortages. Ceteris paribus is a tool used in these analyses to isolate the effect of one variable at a time, making it easier to solve complex economic problems systematically.