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Economics

Using diagrams show what changes in price and quantity would be expected in the beer market under the scenarios given. Indicate what happens to equilibrium price and quantity and state whether the effect is a change in demand/supply or quantity demanded/quantity supplied.

The Surgeon General announces that consumption of alcohol has been linked to birth defects.

The price of wine increases.

The price of hops (an ingredient in beer production) increases.

The drinking age is raised from 18 to 21.

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91422356

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