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(6 marks) With the outbreak of COVID-19, many people in Hong Kong choose cooking at home...

  1. With the outbreak of COVID-19, many people in Hong Kong choose cooking at home instead of dining out to reduce the chance of contacting Coronavirus. At the same time, it is observed that many restaurants have closed down.

    Given that many restaurants cut their menu prices in this period, explain, with the aid of a supply-and-demand diagram, how the above changes affect the market for dining out meals in restaurants.

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