Final answer:
A typhoon in the Philippines damaging the rice crop will decrease the supply of rice, leading to an increase in the equilibrium price of rice due to the demand being inelastic.
Step-by-step explanation:
When a typhoon devastates the Philippines and damages the rice crop, the supply of rice will decrease. This is because the natural disaster has affected the cost of production and the ability to produce rice, leading to a lower quantity of rice available at any given price. Consequently, this change will cause the equilibrium price of rice to increase, since the decrease in supply tends to lead to a higher price when the demand remains relatively stable (inelastic).