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QUESTION
The author asks: “why doesn’t the popular restaurant raise prices?” Based on your understanding of the notions of demand and supply, why would you expect the popular restaurant to raise its pri
The author asks: “why doesn’t the popular restaurant raise prices?” Based on your understanding of the notions of demand and supply, why would you expect the popular restaurant to raise its prices? Similarly, why would you expect the restaurant with empty seats to lower its prices? Illustrate with use of an appropriate graph
