Let’s now return to the question posed at the beginning of this chapter: What happens
to wheat farmers and the market for wheat when university agronomists discover
a new wheat hybrid that is more productive than existing varieties? Recall
from Chapter 4 that we answer such questions in three steps. First, we examine
whether the supply curve or demand curve shifts. Second, we consider which direction
the curve shifts. Third, we use the supply-and-demand diagram to see how
the market equilibrium changes