In an effort to cut back on drunkenness, the government of Ireland implemented a minimum unit...
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In an effort to cut back on drunkenness, the government of Ireland implemented a minimum unit price on alcohol beginning in January 2022 (yes, this is real. I know it sounds stereotypical, but it's real). Any alcoholic beverages sold in Ireland will now have to be sold for at least 1€ per 10 grams of alcohol (€ is the euro symbol). The minimum unit price is a price | ✓(ceiling/floor). At the same time, most pubs, clubs, and restaurants in Ireland already charge more than 1€ per 10 grams of alcohol. This restriction is therefore a binding) restriction. As such, this minimum unit price should ✓(change/not change) the equilibrium price (P*) The graph below shows the supply and demand for alcohol in Ireland. The minimum unit price mentioned above is shown as ✓(line 1/ line 2/ line 3) P 1 2 ✓(binding/non- 3 In an effort to cut back on drunkenness, the government of Ireland implemented a minimum unit price on alcohol beginning in January 2022 (yes, this is real. I know it sounds stereotypical, but it's real). Any alcoholic beverages sold in Ireland will now have to be sold for at least 1€ per 10 grams of alcohol (€ is the euro symbol). The minimum unit price is a price | ✓(ceiling/floor). At the same time, most pubs, clubs, and restaurants in Ireland already charge more than 1€ per 10 grams of alcohol. This restriction is therefore a binding) restriction. As such, this minimum unit price should ✓(change/not change) the equilibrium price (P*) The graph below shows the supply and demand for alcohol in Ireland. The minimum unit price mentioned above is shown as ✓(line 1/ line 2/ line 3) P 1 2 ✓(binding/non- 3
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