Consider the market for wine in the diagram below: 70 Price ($) 60 50 40 30 20 10 S x D 100 200 300 400 500 600 700 800 Wine (millions of bottles) Suppose supply shifts to the right by 100 million bottles of wine. What would be the new equilibrium price and quantity of wine as a result of this increase in supply? $45 and 550 million bottles of wine $45 and 500 million bottles of wine $50 and 600 million bottles of wine $50 and 500 million bottles of wine
Consider the market for wine in the diagram below: 70 Price ($) 60 50 40 30 20 10 S x D 100 200 300 400 500 600 700 800 Wine (millions of bottles) Suppose supply shifts to the right by 100 million bottles of wine. What would be the new equilibrium price and quantity of wine as a result of this increase in supply? $45 and 550 million bottles of wine $45 and 500 million bottles of wine $50 and 600 million bottles of wine $50 and 500 million bottles of wine
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter3: Demand And Supply
Section: Chapter Questions
Problem 44CTQ: Use the four-step process to analyze the impact of a Deduction in tariffs on imports of iPods on the...
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![Consider the market for wine in the diagram below:
70
Price ($)
60
50
40
30
20
10
S
D
100 200 300 400 500 600 700 800
Wine (millions of bottles)
$45 and 550 million bottles of wine
$45 and 500 million bottles of wine
$50 and 600 million bottles of wine
$50 and 500 million bottles of wine
Suppose supply shifts to the right by 100 million bottles of wine. What would be the new equilibrium price
and quantity of wine as a result of this increase in supply?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa7835bca-b016-4d56-8f2b-4b126ab369d0%2Fdbf0bdc9-314b-48e6-a701-de0a96ebc9b1%2Fj9iybvk_processed.png&w=3840&q=75)
Transcribed Image Text:Consider the market for wine in the diagram below:
70
Price ($)
60
50
40
30
20
10
S
D
100 200 300 400 500 600 700 800
Wine (millions of bottles)
$45 and 550 million bottles of wine
$45 and 500 million bottles of wine
$50 and 600 million bottles of wine
$50 and 500 million bottles of wine
Suppose supply shifts to the right by 100 million bottles of wine. What would be the new equilibrium price
and quantity of wine as a result of this increase in supply?
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