b. How will each of the following events shift the demand and/or the supply curve for bread? Also, indicate the effect of each event on equilibrium price and equilibrium quantity. That is, do equilibrium price and equilibrium quantity rise, fall, or remain unchanged? Or, is the answer indeterminate because it depends on the magnitude of the shift? (8 marks) 1 . The price of flour decreases. ii. Consumer income increases, and bread is a normal good. iii. The price of lettuce wraps (a substitute of bread) increases, and sellers expect the price of bread to fall next month. iv. The number of buyers decrease, and consumers expect the price of bread to be higher next month