Scientists have developed a bacterium that they believe will lower the freezing point of agricultural products. This innovation could save farmers $1 billion a year in crops now lost to frost damage. If this technology becomes widely used, what will happen to the equilibrium price and quantity in, for example, the potato market?
1. Price will decrease, quantity will decrease
2. Price will decrease, quantity will increase
3. Price will increase, quantity will decrease
4. Price will increase, quantity will increase
5. The change in equilibrium price and quantity is indeterminate.