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1. The world price of wine is below the price that would prevail in Canada in the absence of trade. a. Draw a graph for

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1. The world price of wine is below the price that would prevail in Canada in the absence of trade. a. Draw a graph for the Canadian market for wine under free trade. Identify the quantity of imports or exports, as well as consumer surplus, producer surplus, and total surplus. b. Suppose cold weather destroys the European grape harvest one summer. How does this affect the world price of wine? Will Canadians be better off or worse off after the price increase

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