Question
Consider the market for alcohol. What happens to the equilibrium in each of the following scenarios. Illustrate using the supply and demand curves; explain why
Consider the market for alcohol. What happens to the equilibrium in each of the following scenarios. Illustrate using the supply and demand curves; explain why (what is the shifter)?
a. the government decides to charge firms a tax on each alcohol product they produce for sale.
b. celebrities raise awereness and start speaking out about the dangers of alcohol use
c. overseas alcohol producers start producing in America. Simultaneously, the surgeon general announces that alcohol is less harmful than previously believed
d. minimum wage is increased
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