A severe freeze has once again damaged the Ontario grape crop. Which of the following best describes the impact on the market for wine made from Ontario grapes? a leftward shift of the supply curve and a rightward shift of the demand curve, resulting in a higher equilibrium price a leftward shift of the supply curve a leftward shift of both the supply and demand curves a leftward shift of the demand curve, as consumers try to economize because of the shortage

A severe freeze has once again damaged the Ontario grape crop. Which of the following best describes the impact on the market for wine made from Ontario grapes? a leftward shift of the supply curve and a rightward shift of the demand curve, resulting in a higher equilibrium price a leftward shift of the supply curve a leftward shift of both the supply and demand curves a leftward shift of the demand curve, as consumers try to economize because of the shortage

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter5: Markets In Motion And Price Controls

Section: Chapter Questions

Problem 1P

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