Next, consider the following scenarios. Think about how each scenario would affect the price of khaki pants. A new technology reduces...

Next, consider the following scenarios. Think about how each scenario would affect the price of khaki pants.

1. A new technology reduces the time it takes to make a pair of khaki pants.
2. The price of the cloth used to make khaki pants falls.
3. The wage rate paid to garment workers increases.
4. The price of jeans increases.
5. People's incomes increase.

For each of the scenarios listed in Step 2, draw a demand�supply graph and label the axes with the price and quantity of khaki pants. Next, for each scenario, draw the appropriate demand�supply curve. Compare the new demand curve or supply curve by drawing it on the same graph.