Due to wildfires in Northern California, agricultural experts predict a 30 percent decline in this year's grape harvest.What happens in the California wine market as a result of this announcement?
A) The demand curve for California wine shifts to the left in anticipation of higher prices in the future.
B) The demand curve for California wine shifts to the right in anticipation of higher prices in the future.
C) The supply curve for California wine shifts to the right in anticipation of higher prices in the future.
D) The supply curve for California wine shifts to the left in anticipation of lower quantities in the future.
Correct Answer:
Verified
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