Question

Locusts and drought destroy most of the wheat crops in many states across the Midwest of the United States. Since wheat flour is a major ingredient in bread, what do you think will happen to the price of bread?

Answer 1

You expect a scarcity of wheat to result in an increase in the price of bread.

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In the real world, politics and international competition come into play, likely resulting in more imported wheat—perhaps even at a lower price than domestic wheat. If it doesn't actually fall, the price of bread may very well stay the same as companies seek to preserve or enhance their profit.