02 May Consider the demand for more expensive restaurant meals (a normal good) in a given city.
Consider the demand for more expensive restaurant meals (a normal good) in a given city. For each of the following, ceteris paribus (holding all else equal), will there be a shift in the demand curve, or a change in quantity demanded? Is the change an increase or a decrease? Explain your answer briefly.
a. The income tax rates (across all income brackets) rise in the economy.
b. The economy enters a recession, and unemployment rises in the city.
c. The restaurant owners face higher costs to produce meals.
d. The average price of restaurant meals rise.
e. Several new competing restaurants open up in the city
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