(Solved): b.  If a less expensive material is developed, the demand for shoes / supply of shoes  ...

b. 

If a less expensive material is developed, the demand for shoes / supply of shoes  will decrease  / increase  .

 

     This will cause the equilibrium price to   not change/  increase  / decrease  and the equilibrium quantity to not change / increase /  decrease  .

The figure depicts the market for shoes. Suppose that a less expensive material for making shoes is developed. a. What effect will this event have on supply and demand in the shoe market? Demonstrate your answer graphically. Instructions: Use the tool provided 'New line' to draw either a new demand or supply curve that reflects the market effect of this event. Plot only the endpoints of the line. (0) Market for Shoes Tools New line Price ($) S D O Q Quantity of shoes b. If a less expensive material is developed, the (Click to select) ?will (Click to select) This will cause the equilibrium price to [(Click to select) and the equilibrium quantity to [(Click to select) ?.