A Severe Freeze Has Once Again Damaged the Ontario Grape

question 94

Multiple Choice

A severe freeze has once again damaged the Ontario grape crop. What will the impact be on the market for wine?

• A) a leftward shift of the supply curve
• B) a leftward shift of the supply curve and a rightward shift of the demand curve, resulting in a higher equilibrium price
• C) a leftward shift of both the supply and demand curves
• D) a leftward shift of the demand curve, as consumers try to economize because of the shortage

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Definitions:

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