In Recent Years the Cost of Producing Wines in Canada

question 207

Multiple Choice

In recent years the cost of producing wines in Canada has increased, largely due to rising rent for vineyards.At the same time, an increasing number of Canadians say they prefer wine to beer.Which of the following best explains the effect of these events on the wine market?

• A)The supply curve has shifted to the left and the demand curve has shifted to the right.As a result, there has been an increase in the equilibrium quantity and an uncertain effect on the equilibrium price.
• B)Both the supply and demand curves have shifted to the right.As a result, there has been an increase in the equilibrium price and an uncertain effect on the equilibrium quantity.
• C)Both the supply and demand curves have shifted to the right.As a result, there has been an increase in both the equilibrium price and the equilibrium quantity.
• D)The supply curve has shifted to the left and the demand curve has shifted to the right.As a result, there has been an increase in the equilibrium price and an uncertain effect on the equilibrium quantity.

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