5. Short-run and long-run effects of a shift in demand Suppose that the perfectly competitive shrimp industry is in long-run equilibrium at a price of $3 per kilogram of shrimp and a quantity of 600 million kilograms per year. Suppose Health Canada issues a report saying that eating shrimp is bad for your health. shrimp at every price. In the short run, firms will respond by Health Canada's report will cause consumers to demand Shift the supply curve, the demand curve, or both on the following diagram to illustrate these short-run effects of Health Canada's announcement. 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. PRICE (Dolars per kilogram) Supply Demand 10 Demand 10 Supply

5. Short-run and long-run effects of a shift in demand Suppose that the perfectly competitive shrimp industry is in long-run equilibrium at a price of $3 per kilogram of shrimp and a quantity of 600 million kilograms per year. Suppose Health Canada issues a report saying that eating shrimp is bad for your health. shrimp at every price. In the short run, firms will respond by Health Canada's report will cause consumers to demand Shift the supply curve, the demand curve, or both on the following diagram to illustrate these short-run effects of Health Canada's announcement. 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. PRICE (Dolars per kilogram) Supply Demand 10 Demand 10 Supply

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter14: Monopoly

Section: Chapter Questions

Problem 14.13P

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