Heavy rains in may brought mildew that damaged grape crops

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Heavy rains in May brought mildew that damaged grape crops in France. This was soon followed by extreme heat that disrupted the ripening process. Vineyard owners expect grape output to fall by up to 40 percent. Meanwhile, real incomes have fallen in France. What will happen to the equilibrium price and quantity in the market for wine (a normal good)?

Reference no: EM133629771

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