Let's consider the market for wheat, where suppliers are the farmers who grow wheat and demanders are the firms who process wheat into flour or some other material. With this in mind, answer the questions below.

1) Use the demand and supply model to explain how an increase in the average farm wage will affect the price and quantity of wheat that's sold in this market.

2) Use the demand and supply model to explain how rising income will affect the price and quantity of wheat that's sold in this market.

3) Use the demand and supply model to explain how an increase in wheat processing firms will affect the price and quantity of wheat that's sold in this market.

4) If there is a decrease in both the price of wheat and quantity of wheat exchanged in this market, then what shift(s) best explains that change?

5) If there is an increase in the price of wheat and a decrease in the quantity of wheat exchanged in this market, then what shift(s) best explains that change?