Due to ideal growing conditions in New Zealand vineyards and an overabundance of grapes, the price of Sauvignon Blanc wine decreases dramatically. Which of the following is likely to occur as a result?
A.
The quantity demanded will decrease.
B.
The demand will remain constant.
C.
The quantity demanded will increase.
D.
The equilibrium price will remain constant but the market price will increase.
E.
There will be no changes in supply or demand.
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