In the Tong run, some firms wili respond by Shift the demand curve, the supply curve, or both on the following graph to illustrate both the short-run effects of the CDC's announcement and the new long-run equilibrium after firms and consumers finish adjusting to the news. 10 9 Supply Demand 8 7 Supply Demand 30 60 90 120 150 180 210 240 270 300 QUANTITY (Millions of cans) The new equilibrium price and quantity suggest that the shape of the long-run supply curve in this industry is in the long PRICE (Dollars per can)
In the Tong run, some firms wili respond by Shift the demand curve, the supply curve, or both on the following graph to illustrate both the short-run effects of the CDC's announcement and the new long-run equilibrium after firms and consumers finish adjusting to the news. 10 9 Supply Demand 8 7 Supply Demand 30 60 90 120 150 180 210 240 270 300 QUANTITY (Millions of cans) The new equilibrium price and quantity suggest that the shape of the long-run supply curve in this industry is in the long PRICE (Dollars per can)
Chapter4: Demand, Supply, And Market Equilibrium
Section: Chapter Questions
Problem 7P
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