Domestic equilibrium price of wheat to increase and the equilibrium quantity to decrease.
In regards to the case study of the Wheat Midwest floods that was known to have destroy about 50% of wheat crop.
The destruction of the wheat crop was one that lowered or decreases the supply of wheat.
Hence, the decrease in the supply of wheat brings about an increase in the equilibrium price but a corresponding reduction or decrease in the equilibrium quantity of wheat.
Therefore, Domestic equilibrium price of wheat to increase and the equilibrium quantity to decrease.
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