1. Given the products below and the events that affect them, indicate what happens to demand, supply, equilibrium quantity, and equilibrium price in a competitive market. Identify the determinant of demand and supply that causes the shifts. Provide a graph with explanation.

(a) Beef. Chicken prices fall because of a decline in the cost of feeding chickens.

b) Bread. Many consumers adopt a low carbohydrate diet and avoid bread products; the price of flour falls for bread producers.