Explain how a well enforced price floor could affect the market for alcohol and how consumption could adjust to an efficient level.

Total Marks:                 20 marks Weight:                        15% of final marks Length:                        up to 1400 words Minimum price on alcohol Governments in Australia and around the world are considering implementing a minimum price (aka price floor) on alcohol. Your task is to use the Economic way of thinking learnt in class to formally explain the effect of [...]