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Suppose that the shrimp industry is in long-run equilibrium at a price of $5 per pound of shrimp and a quantity of 50 million pounds per year. Suppose that WebMD claims that the bacteria found in shrimp will decrease your expected life span by 5 years. WebMD's claim will cause consumers to demand firms will respond by Shift the demand curve, the supply curve, or both on the following diagram to illustrate these short-run effects of WebMD's claim. PRICE (Dollars per pound) 10 9 0 10 20 30 40 50 60 QUANTITY (Millions of pounds) 10 Supply 9 Demand In the long run, some firms will respond by 70 80 90 100 Demand Supply 1 0 Supply Shift the demand curve, the supply curve, or both on the following diagram to illustrate both the short-run effects of WebMD's claim and the new long-run equilibrium after firms and consumers finish adjusting to the news. shrimp at every price. In the short run, Demand until (?)

Suppose that the shrimp industry is in long-run equilibrium at a price of $5 per pound of shrimp and a quantity of 50 million pounds per year. Suppose that WebMD claims that the bacteria found in shrimp will decrease your expected life span by 5 years. WebMD's claim will cause consumers to demand firms will respond by Shift the demand curve, the supply curve, or both on the following diagram to illustrate these short-run effects of WebMD's claim. PRICE (Dollars per pound) 10 9 0 10 20 30 40 50 60 QUANTITY (Millions of pounds) 10 Supply 9 Demand In the long run, some firms will respond by 70 80 90 100 Demand Supply 1 0 Supply Shift the demand curve, the supply curve, or both on the following diagram to illustrate both the short-run effects of WebMD's claim and the new long-run equilibrium after firms and consumers finish adjusting to the news. shrimp at every price. In the short run, Demand until (?)

Principles of Economics 2e
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter3: Demand And Supply
Section: Chapter Questions
Problem 55P: Table 3.9 illustrates the markets demand and supply for cheddar cheese. Graph the data and find the...
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Suppose that the shrimp industry is in long-run equilibrium at a price of $5 per pound of shrimp and a quantity of 50 million pounds per year. Suppose that WebMD claims that the bacteria found in shrimp will decrease your expected life span by 5 years. WebMD's claim will cause consumers to demand firms will respond by Shift the demand curve, the supply curve, or both on the following diagram to illustrate these short-run effects of WebMD's claim. PRICE (Dollars per pound) 10 7 6 10 0 9 10 20 30 40 50 60 QUANTITY (Millions of pounds) B Supply Demand In the long run, some firms will respond by 70 80 90 100 O Supply Demand -O Supply Shift the demand curve, the supply curve, or both on the following diagram to illustrate both the short-run effects of WebMD's claim and the new long-run equilibrium after firms and consumers finish adjusting to the news. shrimp at every price. In the short run, -O Demand ? until (?)
Transcribed Image Text:Suppose that the shrimp industry is in long-run equilibrium at a price of $5 per pound of shrimp and a quantity of 50 million pounds per year. Suppose that WebMD claims that the bacteria found in shrimp will decrease your expected life span by 5 years. WebMD's claim will cause consumers to demand firms will respond by Shift the demand curve, the supply curve, or both on the following diagram to illustrate these short-run effects of WebMD's claim. PRICE (Dollars per pound) 10 7 6 10 0 9 10 20 30 40 50 60 QUANTITY (Millions of pounds) B Supply Demand In the long run, some firms will respond by 70 80 90 100 O Supply Demand -O Supply Shift the demand curve, the supply curve, or both on the following diagram to illustrate both the short-run effects of WebMD's claim and the new long-run equilibrium after firms and consumers finish adjusting to the news. shrimp at every price. In the short run, -O Demand ? until (?)
In the long run, some firms will respond by Shift the demand curve, the supply curve, or both on the following diagram to illustrate both the short-run effects of WebMD's claim and the new long-run equilibrium after firms and consumers finish adjusting to the news. PRICE (Dollars per pound) 10 9 7 0 0 10 20 30 40 50 60 QUANTITY (Millions of pounds) Supply Demand 70 10 90 100 Demand -- until Supply The new equilibrium price and quantity suggest that the shape of the long-run supply curve in this industry is in the long run.
Transcribed Image Text:In the long run, some firms will respond by Shift the demand curve, the supply curve, or both on the following diagram to illustrate both the short-run effects of WebMD's claim and the new long-run equilibrium after firms and consumers finish adjusting to the news. PRICE (Dollars per pound) 10 9 7 0 0 10 20 30 40 50 60 QUANTITY (Millions of pounds) Supply Demand 70 10 90 100 Demand -- until Supply The new equilibrium price and quantity suggest that the shape of the long-run supply curve in this industry is in the long run.
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