In the context of agriculture, if the supply of wheat increases significantly while the demand remains constant, what is likely to happen to the price of wheat, assuming price elasticity of demand is low?

When the supply of wheat increases significantly but the demand stays the same, the price of wheat is likely to decrease. This happens because there is more wheat available than people want to buy, leading to a surplus. Since the price elasticity of demand is low, it means that consumers are not very sensitive to price changes; they will still buy about the same amount of wheat even if the price drops. For example, if a farmer produces a lot more wheat this season but people still only need the same amount for bread and other products, the excess wheat will push prices down. Overall, this situation shows how supply and demand work together to influence prices in agriculture.