Consider the Market for dog food.Suppose that tastes change and people begin to prefer to have more dogs and fewer cats.

Which of the following are true?

1) Before the price shifts to the new equilibrium price,there will be a shortage

2) As we move to the new equilibrium, the price increases

3) Quantity demanded increases.

4) Equilibrium quantity increases.

5) Before the price shifts to the new equilibriumprice,there will be a surplus