3. Supply and Demand Shifts Read the article at the end of this exam entitled “Gen Z Isn't That Into Dining Out. Here's How Restaurants Are Chasing Them." In the first paragraph of the article, it mentions the soaring ingredient prices, labor shortages and issues in encouraging Gen Z customers to their respective establishments. These factors have and continue to impact both the demand and the supply for restaurants on a macro level. | A. Based upon this statement from the article, what direction has the supply curve shifted? B. Based upon this statement from the article, what direction has the demand curve shifted? C. Based upon these two shifts, what would happen to the equilibrium quantity? Would it decrease, increase, or be indeterminate? D. Based upon these two shifts, what would happen to the equilibrium price? Would it decrease, increase, or be indeterminate?

3. Supply and Demand Shifts Read the article at the end of this exam entitled “Gen Z Isn't That Into Dining Out. Here's How Restaurants Are Chasing Them." In the first paragraph of the article, it mentions the soaring ingredient prices, labor shortages and issues in encouraging Gen Z customers to their respective establishments. These factors have and continue to impact both the demand and the supply for restaurants on a macro level. | A. Based upon this statement from the article, what direction has the supply curve shifted? B. Based upon this statement from the article, what direction has the demand curve shifted? C. Based upon these two shifts, what would happen to the equilibrium quantity? Would it decrease, increase, or be indeterminate? D. Based upon these two shifts, what would happen to the equilibrium price? Would it decrease, increase, or be indeterminate?

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter24: The Aggregate Demand/aggregate Supply Model

Section: Chapter Questions

Problem 61P: Table 24.4 describes Santhers economy. Plot the AD/AS curves and identify the equilibrium. Would you...

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