A Severe Freeze Has Once Again Damaged the Ontario Grape

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