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What happens to the equilibrium price

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How will the following changes affect the market price of wheat flour (assuming that the market is initially in equilibrium)? In each case, sketch what happens to the demand and/or supply curves and, as result, what happens to the equilibrium price.

a) People consume more bread.

b) The discovery of a new cheaper way of milling flour.

(c) The prices of other grains rise.

(d) Rice and potatoes fall in price.

Reference no: EM132290416

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