Illustrate and explain. Price and Quantity. With $500, what is effect of one time payment of meals eaten out at restaurants. How are market clearing price and quantity affected? Label axis, curve, and points.

1. Illustrate and explain: Suppose everyone in Claremont receives a one-time payment of $500. What is the effect of this one-time payment on the market for meals eaten out at restaurants? How are the market clearing price and quantity affected? Be sure to label each axis, curve, and point on the graph