Final answer:
The quantity demanded of high-fiber foods will likely decrease if new scientific studies show that they do not significantly reduce the risk of colon cancer, as this would change consumers'
Step-by-step explanation:
If new scientific studies suggest that high-fiber diets do not significantly reduce the risk of developing colon cancer, the likely result will be that the quantity demanded of high-fiber foods will decrease. This change in consumer demand is reflected by the basic model of demand and supply, which posits that demand for a good declines when its perceived value or benefits diminish.
Consequently, as consumers reassess the health benefits of high-fiber foods based on the new information, their willingness to purchase these products may diminish, leading to a lower quantity demanded in the market.
Changes in consumer preferences triggered by new information are a common occurrence in markets. This ties into the broader economic concept that when beneficial attributes of a product are questioned or debunked, demand for the product often falls, assuming all other factors remain constant.
However, the price of high-fiber foods might not necessarily change immediately, as it would depend on the market's supply conditions and the speed at which consumers assimilate this new information into their purchasing decisions.