Multiple Choice
Use the figure below to answer the following questions.
Figure 4.1.2
-Suppose this coming winter France will have unusually bad weather,and that next year's wine crop will be substantially reduced.Select the best statement.
A) The French wine supply will increase as price rises.
B) If the demand for French wine is elastic, wine producers will experience an increase in total revenue.
C) The initial change in the market will create a surplus of French wine.
D) In the final equilibrium, price and quantity will be higher.
E) none of the above
Correct Answer:

Verified
Correct Answer:
Verified
Q11: The demand for a good is price
Q27: A unit elastic demand<br>A)means that the ratio
Q35: Use the figure below to answer the
Q39: Suppose the demand curve for good X
Q41: Long-run supply is<br>A)more elastic than momentary supply
Q44: Use the table below to answer the
Q76: Use the table below to answer the
Q94: Fred's income increases from $1,950 per week
Q108: Suppose Swiss Chalet in Moncton knows that
Q146: When the price elasticity of demand is