5. Go easy on that dressing! There's an olive oil shortage (1 point) Olive oil prices spiked 20% in 2015, after drought and disease devastated a big part of Europe's olive crop, and industry experts are forecasting a similar increase this year... The higher prices are already prompting shoppers to switch to alternative oils. Global olive oil consumption dropped 7% in 2015, according to figures from the International Olive Council... Olive oil has long been a staple of Mediterranean cuisine but it has become globally popular in recent years as consumers became more aware of its health benefits compared to other cooking oils. Global consumption has almost doubled over the last 25 years... CNNMoney, March 9, 2016 Given that the equilibrium price of olive oil has increased while the equilibrium quantity has decreased, use a S/D model to graphically illustrate and explain the changes taking place in the olive oil market based on the combination of the drought/disease destroying olive crops and the change in consumer perceptions about the health benefits of olive oil.