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?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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