The following graph shows the market for pizas in Houston, where there are over 1,000 piza restaurants at any given moment. Suppose an innovation in the baking process makes it possible to produce more pizzas at a lower cost than ever before. Show the effect of this change on the market for pizzas by shifting one or both of the curves on the following graph, holding all else constant. Note: Select and drag one or both of the curves to the desired position. Curves will snap into position, so if you try to move a curve and it snaps back to its original position, just drag it a little farther.
The following graph shows the market for pizas in Houston, where there are over 1,000 piza restaurants at any given moment. Suppose an innovation in the baking process makes it possible to produce more pizzas at a lower cost than ever before. Show the effect of this change on the market for pizzas by shifting one or both of the curves on the following graph, holding all else constant. Note: Select and drag one or both of the curves to the desired position. Curves will snap into position, so if you try to move a curve and it snaps back to its original position, just drag it a little farther.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:The following graph shows the market for pizas in Houston, where there are over 1,000 piza restaurants at any given moment. Suppose an
innovation in the baking process makes it possible to produce more pizzas at a lower cost than ever before.
Show the effect of this change on the market for plzzas by shifting one or both of the curves on the following graph, holding all else constant.
Note: Select and drag one or both of the curves to the desired position. Curves will snap into position, so if you try to move a curve and it snaps back
to its original position, just drag it a little farther.
Supply
Demand
Supply
Demand
QUANTITY (Pizzas)
PRICE (Dolans per pizza)
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