The steepness of the demand curve is determined in part by the degree of substitutability between products. If buyers see produc
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Answer:
As a result of the wildfire, supply would fall. there would be a leftward shift of the supply curve. the quantity supplied of wine would reduce and price would increase
as a result of the festival, there would be an increase in demand. this would lead to an outward shift of the demand curve. Thus, the quantity demanded would increase and price would increase
taking these two effects together, there would be an indeterminate change in equilibrium quantity and equilibrium price would increase
Explanation:
Answer
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