Over the past 10 years the craft beer industry has grown tremendously Whether it is a byproduct of the buy local movement or

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Over the past 10 years the craft beer industry has grown tremendously Whether it is a byproduct of the buy local movement or because beer drinkers have become more refined more and more people are putting down their Bud Light and picking up a bottle o Sweet Baby Jesus or Blithering Idiot For each of the items to the right of the figure label where the new equilibrium will be relative to the original equilibrium E Price Craft Beer Market E D Quantity A More beer drinkers prefer craft beer over national brands B The price of hops a key ingredient in beer has risen The price of wine has fallen Despite the increase in the price of hops a key ingredient in beer sales of craft beer increase as beer drinkers switch from drinking national brande

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