Due to the COVID-19 pandemic, consumers in many, if not all, countries experience a decrease in their incomes. In order to understand the impact of incomes decreasing, conduct the market analysis for the market for fast food. (For simplicity, assume that all fast-food restaurants operate in the same market.)

General requirements for Exercises 3: Your market analysis should have the following structure. 1. Start with clearly specifying who the customer (demand) and producers (supply) are. 2. Clearly explain what happens with each curve (demand, supply) and why. Provide a graphical analysis in tandem with explanation. 3. Explain what happens with the equilibrium price and quantity. Do not overcomplicate. Follow the instructions. Focus only on the events/shocks described in each case; do not go beyond what is indicated in the instructions.