Olive oil is an example of a good whose price varies greatly from year to year. Explain how the following would affect the market: Event: Medical research proves that the Mediterranean diet, which includes abundant use of olive oil, is not just a fad, but is really good for you. In response, millions of consumers start following the diet. 1. Would the supply curve shift? The supply curve would [ Select ] 2. Would the demand curve shift? The demand curve would [ Select ] 3. What will happen to the price and the quantity? The market would move up and to the right along the supply curve to a new equilibrium where both price and quantity are [ Select ] than before