16. Use a diagram to illustrate how each of the following events affects the equilibrium price and quantity of pizza. a. The price of mozzarella cheese rises. b. The health hazards of hamburgers are widely publicized. c. The price of tomato sauce falls.

Principles of Economics, 7th Edition (MindTap Course List)
7th Edition
ISBN:9781285165875
Author:N. Gregory Mankiw
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Chapter21: The Theory Of Consumer Choice
Section: Chapter Questions
Problem 13PA
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Question
16. Use a diagram to illustrate how each of the following
events affects the equilibrium price and quantity of
pizza.
a. The price of mozzarella cheese rises.
b. The health hazards of hamburgers are widely
publicized.
c. The price of tomato sauce falls.
Transcribed Image Text:16. Use a diagram to illustrate how each of the following events affects the equilibrium price and quantity of pizza. a. The price of mozzarella cheese rises. b. The health hazards of hamburgers are widely publicized. c. The price of tomato sauce falls.
d. The incomes of consumers rise and pizza is an infe-
rior good.
e. Consumers expect the price of pizza to fall next
week.
Transcribed Image Text:d. The incomes of consumers rise and pizza is an infe- rior good. e. Consumers expect the price of pizza to fall next week.
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