How changes affect the market

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In the quick service food industry (which we know as the fast food industry) sales grow at an average rate of 8-10% per year. Although this rate of growth has slowed in recent years it is still growing as households have more income and spend les time cooking at home than ever before. The cost of food has also increased. And recently the minimum wage in Ontario has risen significantly affecting wages for a large percentage of employees in this industry. Analyze how these changes affect the market including how price and quantity will change generally. Use supply and demand diagrams as needed.

Reference no: EM132471789

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