In January 2025
Answer to Question #184283 in Microeconomics for Lucy
As the price of fresh grapes (a substitute in production for wine) decreases, ceteris paribus:
the supply of wine will decrease.
the supply of wine will increase.
the demand for wine will decrease.
the demand for wine will increase.
the supply of wine will be unaffected.
The supply of wine will increase. This is because cost of producing wine falls.
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