Assume the market for wine is functioning at its equilibrium. For each of the following situations, say whether the new market outcome will be efficient or inefficient. a. A new report shows that wine is good for heart health. Efficient
b. The government sets a minimum price for wine, which increases the current price. Inefficient
c. An unexpected late frost ruins large crops of grapes. Inefficient
d. Grape pickers demand higher wages, increasing the price of wine.

Efficient

Inefficient

Efficient

Efficient

Explanation:

a. As a result as the report, the demand for wine would increase. As a result, a new equilibrium would be established

b. When the government sets a minimum price for a good or service, it is known as a price floor. Setting a minimum price would lead to the market moving away from equilibrium. The supply of wine would exceed the demand for wine

c, The damage of grapes would lead to a fall in supply. A new equilibrium would be established

d. An increase in the price of wine would lead to a reduction in the demand for wine. A new equilibrium would be established

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explanation: