A recent Twitter survey indicated that pizza is Americans' favorite food. Explain whether supply or demand...

 

Transcribed Image Text:

A recent Twitter survey indicated that pizza is Americans' favorite food. Explain whether supply or demand is being affected. Also explain how each of the following events affects the equilibrium price and quantity. A. A severe wildfire in California destroys one-third of the tomato crop. These tomatoes are used in the production of pizza sauce. P Supply Decrease Price Increase QD Decrease caza B. A new report by the American Medical Association reveals that eating pizza does, in fact, have significant health benefits. Demand Increase - Price Increase Ef Quantity Supplied Increase EP C. New technology for making cheese lowers manufacturers' costs of producing mozzarella cheese. no surplus or shortage Supply determinate: new technology D. New technology has increased the efficiency of making tortillas. This has caused burritos to fall in price. no surplus or sharinge didn't mention pizza, not a supply issue Printed good /scheritute demand because cheaper A recent Twitter survey indicated that pizza is Americans' favorite food. Explain whether supply or demand is being affected. Also explain how each of the following events affects the equilibrium price and quantity. A. A severe wildfire in California destroys one-third of the tomato crop. These tomatoes are used in the production of pizza sauce. P Supply Decrease Price Increase QD Decrease caza B. A new report by the American Medical Association reveals that eating pizza does, in fact, have significant health benefits. Demand Increase - Price Increase Ef Quantity Supplied Increase EP C. New technology for making cheese lowers manufacturers' costs of producing mozzarella cheese. no surplus or shortage Supply determinate: new technology D. New technology has increased the efficiency of making tortillas. This has caused burritos to fall in price. no surplus or sharinge didn't mention pizza, not a supply issue Printed good /scheritute demand because cheaper

Answer rating: 100% (QA)

ANSWER Lets break down each event and its impact on supply or demand as well as its effect on equili... View the full answer