7. What effect will the following changes have on the supply, price, and quantity traded of wine?

a) A poor harvest in the grape industry results in a big decrease in the supply of grapes.

b) The number of wineries increases.

c) The sales tax on wine increases.

d) The introduction of a new fermentation method reduces the time needed for the wine to ferment.

e) Government introduces a subsidy for each bottle of wine produced domestically.

f) Government introduces a quota limiting the amount of foreign-made wine entering Canada.

g) There is a big increase in wages for the workers in the wine industry.

h) A big increase occurs in the prices of wine coolers

(an industry that is similar in technology to the wine industry).