8. Suppose that a newspaper report indicates that the price of wheat has fallen. For ea of the following events, draw a supply-and-demand graph showing the event’s effect on the market for wheat. en state whether the event could explain the observed fall in the price of wheat.

a. A drought has hit wheat-growing areas.

b. e price of rice has risen, so consumers look for alternatives.

c. As a consequence of increasing health concerns, tobacco farmers have begun to plant other crops.

d. e government has a price floor for wheat and increases it.