Suppose a Binding Price Floor on Sparkling Wine Is Proposed

question 68

Multiple Choice

Suppose a binding price floor on sparkling wine is proposed by the Health Minister of the country of Vinyardia.What will be the likely effect on the market for sparkling wine in Vinyardia?

• A)Quantity demanded will decrease, quantity supplied will increase, and a surplus will result.
• B)Quantity demanded will increase, quantity supplied will decrease, and a surplus will result.
• C)Quantity demanded will decrease, quantity supplied will increase, and a shortage will result.
• D)Quantity demanded will increase, quantity supplied will decrease, and a shortage will result.

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