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Suppose that suddenly most people in our restaurant economy decide they wish to cut back on spending by making fewer trips to restaurants and by
Suppose that suddenly most people in our restaurant economy decide they wish to cut back on spending by making fewer trips to restaurants and by buying less expensive items when they do go out to eat. How are restaurants likely to respond to this sudden change? Will they continue to produce the same amount of meals when fewer people show up to buy them? What might restaurant owners do to attract more customers? What will happen to U.S. exports if U.S. prices increase? Why
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