Econ 2020-400 Principles of MacroeconomicsSpring 2008Recitation Worksheet 11. In September 2004, an Oceanic Airlines flight from Sydney, Australia to Los Angeles crashedsomewhere in the South Pacific. Briefly describe the immediate (i.e., short-run) consequences onquantity demanded, demand, quantity supplied, and supply of Oceanic Airlines flights.2. People become more conscious about the fat content in fast-food burgers at the same time asfast-food workers’ wages decrease. In the market for fast-food burgers,(a) there is an increase in equilibrium price and a decrease in equilibrium quantity.(b) there is a decrease in equilibrium price and an increase in equilibrium quantity.(c) the equilibrium price will fall but we don’t have enough information to determine the changein equilibrium quantity.(d) the equilibrium quantity will rise but we don’t have enough information to determine thechange in equilibrium price.
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