1. 5. Consider the market for wheat. Suppose that the demand for wheat decreases because of dietary...

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1. 5. Consider the market for wheat. Suppose that the demand for wheat decreases because of dietary concerns.

a. How does the decrease in the demand for wheat affect total net social welfare in the wheat market? Use a graph to support your answer, and indicate the area that represents the

ange in social welfare.

b. Can we clearly say what happens to producer surplus as a result of the decrease in demand?

Use a graph to support your answer.

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