Suppose that the perfectly competitive tuna Industry is in long-run equilibrium at a price of $3 per can of tuna and a quantity of 600 million cans per year. Suppose the Surgeon General Issues a report saying that eating tuna is bad for your health. The Surgeon General'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 the Surgeon General'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. 5 4 0 6 0 5 In the long run, some firms will respond by 0 200 0 Demand 400 600 800 QUANTITY (Millions of cans) 200 1 Demand Supply Shift the supply curve, the demand curve, or both on the following diagram to illustrate both the short-run effects of the Surgeon General's announcement and the new long-run equilibrium after firms and consumers finish adjusting to the Surgeon General's announcement. 400 600 800 QUANTITY (Millions of cans) 1000 Supply tuna at every price. In the short run, firms will respond by 1200 1000 1200 Demand Supply 10 Demand (?) Supply until
Suppose that the perfectly competitive tuna Industry is in long-run equilibrium at a price of $3 per can of tuna and a quantity of 600 million cans per year. Suppose the Surgeon General Issues a report saying that eating tuna is bad for your health. The Surgeon General'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 the Surgeon General'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. 5 4 0 6 0 5 In the long run, some firms will respond by 0 200 0 Demand 400 600 800 QUANTITY (Millions of cans) 200 1 Demand Supply Shift the supply curve, the demand curve, or both on the following diagram to illustrate both the short-run effects of the Surgeon General's announcement and the new long-run equilibrium after firms and consumers finish adjusting to the Surgeon General's announcement. 400 600 800 QUANTITY (Millions of cans) 1000 Supply tuna at every price. In the short run, firms will respond by 1200 1000 1200 Demand Supply 10 Demand (?) Supply until
Chapter11: Profit Maximization
Section: Chapter Questions
Problem 11.11P
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Question
![Suppose that the perfectly competitive tuna Industry is In long-run equilibrium at a price of $3 per can of tuna and a quantity of 600 million cans per
year. Suppose the Surgeon General Issues a report saying that eating tuna is bad for your health.
The Surgeon General'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 the Surgeon General'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.
Supply
X
Demand
400
600
800
QUANTITY (Millions of cans)
0
0
In the long run, some firms will respond by
5
0
200
0
200
Demand
1000
Shift the supply curve, the demand curve, or both on the following diagram to Illustrate both the short-run effects of the Surgeon General's
announcement and the new long-run equilibrium after firms and consumers finish adjusting to the Surgeon General's announcement.
Supply
400
600
800
QUANTITY (Millions of cans)
tuna at every price. In the short run, firms will respond by
1200
1000
1200
Demand
Supply
Demand
✓ until
Supply](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc5e95ccb-20b0-47bf-809e-22f2d8888bee%2Fdd312191-4cc7-4251-b9d5-7fc9f0958ecc%2Fm01k9sg_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Suppose that the perfectly competitive tuna Industry is In long-run equilibrium at a price of $3 per can of tuna and a quantity of 600 million cans per
year. Suppose the Surgeon General Issues a report saying that eating tuna is bad for your health.
The Surgeon General'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 the Surgeon General'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.
Supply
X
Demand
400
600
800
QUANTITY (Millions of cans)
0
0
In the long run, some firms will respond by
5
0
200
0
200
Demand
1000
Shift the supply curve, the demand curve, or both on the following diagram to Illustrate both the short-run effects of the Surgeon General's
announcement and the new long-run equilibrium after firms and consumers finish adjusting to the Surgeon General's announcement.
Supply
400
600
800
QUANTITY (Millions of cans)
tuna at every price. In the short run, firms will respond by
1200
1000
1200
Demand
Supply
Demand
✓ until
Supply
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