4. Short-run and long-run effects of a shift in demand Suppose that the shrimp industry is in long-run equilibrium at a price of $5 per pound of shrimp and a quantity of 200 million pounds per year. Suppose the Surgeon General issues a report saying that eating shrimp is bad for your health. The Surgeon General's report will cause consumers to demand Shift the demand curve, the supply curve, or both on the following graph to illustrate these short-run effects of the Surgeon General's report. PRICE (Dollars per pound) 10 9 8 2 1 0 10 on 120 160 200 210 290 Supply Demand 330 shrimp at every price. In the short run, firms will respond by 260 100 | | Demand Supply ?

4. Short-run and long-run effects of a shift in demand Suppose that the shrimp industry is in long-run equilibrium at a price of $5 per pound of shrimp and a quantity of 200 million pounds per year. Suppose the Surgeon General issues a report saying that eating shrimp is bad for your health. The Surgeon General's report will cause consumers to demand Shift the demand curve, the supply curve, or both on the following graph to illustrate these short-run effects of the Surgeon General's report. PRICE (Dollars per pound) 10 9 8 2 1 0 10 on 120 160 200 210 290 Supply Demand 330 shrimp at every price. In the short run, firms will respond by 260 100 | | Demand Supply ?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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