The following is your essay question:
Stuff-Crust
Pizza is a new pizza introduced by Pizza Hut. What happens to the
equilibrium price and equilibrium quantity of Stuff-Crust Pizza in each
of the following situations?
(a.) Due to weather conditions, the output of wheat decreased and the price of wheat flour increased.
(b.) The price of beer decreased
(c.) Dominos Pizza introduced a similar pizza that sold for $1 less than the one sold by Pizza Hut.
(d.) A recession reduced households' income.
(e.) A new oven technology reduced the time it takes to bake a pizza.
Stuff-Crust
Pizza is a new pizza introduced by Pizza Hut. What happens to the
equilibrium price and equilibrium quantity of Stuff-Crust Pizza in each
of the following situations?
(a.) Due to weather conditions, the output of wheat decreased and the price of wheat flour increased.
(b.) The price of beer decreased
(c.) Dominos Pizza introduced a similar pizza that sold for $1 less than the one sold by Pizza Hut.
(d.) A recession reduced households' income.
(e.) A new oven technology reduced the time it takes to bake a pizza.
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