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. **Text Transcription:**d. The incomes of consumers rise and pizza is an inferior good.e. Consumers expect the price of pizza to fall next week.**Explanation:**This text seems to be discussing economic concepts related to consumer behavior and market expectations:- **Inferior Good:** In economics, an inferior good is a type of good for which demand decreases as consumer incomes rise. This statement indicates that pizza is considered an inferior good, meaning as people earn more, they may choose to buy less pizza in favor of more expensive alternatives.- **Consumer Expectations:** This part highlights how expectations about future prices can influence current consumer behavior. If consumers expect the price of pizza to fall in the future, they may delay purchasing, anticipating a better deal.This content would likely be found on an educational website in a section explaining basic economic principles, particularly in consumer economics.

Demand curve shows the various combinations of willingness to pay of a consumer at different level…

Answered: 16. Use a diagram to illustrate how…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

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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.