Multiple Choice
Following the release of a new study showing even more benefits to drinking red wine, economists expect:
A) a shortage of red wine until the price rises.
B) a surplus of red wine until the price falls.
C) that both the price and quantity of red wine will decrease.
D) the supply of red wine will increase immediately.
Correct Answer:

Verified
Correct Answer:
Verified
Q104: In free markets, shortages lead to:<br>A) lower
Q105: Gains from trade are maximized in a
Q106: Suppose the price of oil is falling
Q107: The September 11 terrorist attacks turned many
Q108: Imagine a free market in equilibrium. After
Q110: In 1980 when Iraq attacked Iran, the
Q111: If the government institutes a tax on
Q112: If the equilibrium quantity in a market
Q113: The key condition for equilibrium to occur
Q114: Economic experiments suggest that the real world