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Recession causing decrease in disposable income

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Question

The united states enters a recession causing a decrease in disposable income and restaurant meals are considered a normal good. What can restaurant owners expect to happen to the demand for restaurant meals and how do you think they will prepare for that change in demand.

In the Immediate Market Period, can producers increase production to meet an increase in the equilibrium price? Why or why not?

Reference no: EM133235722

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