As a result of the record amount of grapes, the equilibrium price decreases while the equilibrium quantity increases. Please find attached the required graph.
What is the impact of the record amount of grapes?
If there is a record amount of grapes produced, the amount of wine produced would increase. This is because grapes are an input used in the production of wine.
As a result, the supply of wine would increase. This would lead to a shift to the right of the supply curve for wine. the equilibrium price decreases while the equilibrium quantity increases.
To learn more about supply curves, please check: https://brainly.com/question/26073189
