8. Short-run and long-run effects of a shift in demand Suppose that the perfectly competitive chicken industry is in long-run equilibrium at a price of $3 per kilogram of chicken and a quantity of 600 million kilograms per year. Suppose Health Canada issues a report saying that eating chicken is bad for your health. Health Canada's report will cause consumers to demand less producing less chicken and running at a loss 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 (Dollars per kilogram) CO 10 ♡ 19 0 0 200 Supply 400 600 800 QUANTITY (Millions of kilograms) Demand 1000 chicken at every price. In the short run, firms will respond by 1200 Demand Supply (?)

[item no.24] (Multiple Choice) Is lying generally illegal in the Philippines? Yes, because the law does not allow individuals to practice lyingNo, but there are instances when lying can land you in jail

6) You have been assigned to create a new TV game show, and you have an interesting idea that you call, “I WANT TO BE A MILLIONAIRE.”  The basics are: 1) two contestants; 2) the show begins with each contestant being given $1 million (!); and then 3) they begin playing a game that can increase or decrease that $1 million. You worry that the initial outlay of $2 million will stun your producers, so you decide to prepare them with a simpler version of your game that you call: “I WANT $3.” There are four steps in this simpler game: There are two contestants/opponents (who do not know each other and cannot communicate with each other during the game). Each player is given $3 at the start of the game. Independently and simultaneously, each player must choose whether they want to add $0, $1, $2 or $3 to their initial stake of $3. Doing so reduces their opponent’s award by $0, $2, $4, or $6, respectively. Each player knows that their payoff at the end of the game is based on their initial…

Suppose you own a profitable small business in another state and you wanted to hold a meeting, but you needed to make a decision on whether to fly to the other state using your free frequent-flyer miles and pay a $100 cab-fare or hold a video conference meeting (at a facility that you have already prepaid a $2000 access-fee but must also paid a $155/hour to use the facility). What option should you choose?