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Suppose that the seitan industry is initially operating in long-run equilibrium at a price level of $5 per pound of seitan and quantity of 125 million pounds per year. Suppose a leading foodie video blogger raises awareness for a scholarly article that links seitan consumption to premature hair loss and unhealthy skin. The viral video is expected to cause consumers to demand by Shift the demand curve, the supply curve, or both on the following graph to illustrate these short-run effects of the viral video. PRICE (Dollars per pound) 10 9 8 7 2 1 0 0 25 50 Supply In the long run, some firms will respond by Demand 75 100 125 150 175 200 225 250 QUANTITY (Millions of pounds) seitan at every price. In the short run, firms will respond until Demand Supply (?) Shift the demand curve, the supply curve, or both on the following graph to illustrate both the short-run effects of the viral video and the new long- run equilibrium after firms and consumers finish adjusting to the news.

Suppose that the seitan industry is initially operating in long-run equilibrium at a price level of $5 per pound of seitan and quantity of 125 million pounds per year. Suppose a leading foodie video blogger raises awareness for a scholarly article that links seitan consumption to premature hair loss and unhealthy skin. The viral video is expected to cause consumers to demand by Shift the demand curve, the supply curve, or both on the following graph to illustrate these short-run effects of the viral video. PRICE (Dollars per pound) 10 9 8 7 2 1 0 0 25 50 Supply In the long run, some firms will respond by Demand 75 100 125 150 175 200 225 250 QUANTITY (Millions of pounds) seitan at every price. In the short run, firms will respond until Demand Supply (?) Shift the demand curve, the supply curve, or both on the following graph to illustrate both the short-run effects of the viral video and the new long- run equilibrium after firms and consumers finish adjusting to the news.

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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In the long run, some firms will respond by Shift the demand curve, the supply curve, or both on the following graph to illustrate both the short-run effects of the viral video and the new long- run equilibrium after firms and consumers finish adjusting to the news. PRICE (Dollars per pound) 10 run. 9 8 co 7 6 3 2 1 O 0 25 50 Supply until Demand 75 100 125 150 175 200 225 250 QUANTITY (Millions of pounds) Demand Supply ? The new equilibrium price and quantity suggest that the shape of the long-run supply curve in this industry is in the long
Transcribed Image Text:In the long run, some firms will respond by Shift the demand curve, the supply curve, or both on the following graph to illustrate both the short-run effects of the viral video and the new long- run equilibrium after firms and consumers finish adjusting to the news. PRICE (Dollars per pound) 10 run. 9 8 co 7 6 3 2 1 O 0 25 50 Supply until Demand 75 100 125 150 175 200 225 250 QUANTITY (Millions of pounds) Demand Supply ? The new equilibrium price and quantity suggest that the shape of the long-run supply curve in this industry is in the long
Suppose that the seitan industry is initially operating in long-run equilibrium at a price level of $5 per pound of seitan and quantity of 125 million pounds per year. Suppose a leading foodie video blogger raises awareness for a scholarly article that links seitan consumption to premature hair loss and unhealthy skin. The viral video is expected to cause consumers to demand by Shift the demand curve, the supply curve, or both on the following graph to illustrate these short-run effects of the viral video. PRICE (Dollars per pound) 10 9 8 7 01 2 1 0 0 25 Supply In the long run, some firms will respond by Demand 50 75 100 125 150 175 200 225 250 QUANTITY (Millions of pounds) seitan at every price. In the short run, firms will respond until Demand Supply (?) Shift the demand curve, the supply curve, or both on the following graph to illustrate both the short-run effects of the viral video and the new long- run equilibrium after firms and consumers finish adjusting to the news.
Transcribed Image Text:Suppose that the seitan industry is initially operating in long-run equilibrium at a price level of $5 per pound of seitan and quantity of 125 million pounds per year. Suppose a leading foodie video blogger raises awareness for a scholarly article that links seitan consumption to premature hair loss and unhealthy skin. The viral video is expected to cause consumers to demand by Shift the demand curve, the supply curve, or both on the following graph to illustrate these short-run effects of the viral video. PRICE (Dollars per pound) 10 9 8 7 01 2 1 0 0 25 Supply In the long run, some firms will respond by Demand 50 75 100 125 150 175 200 225 250 QUANTITY (Millions of pounds) seitan at every price. In the short run, firms will respond until Demand Supply (?) Shift the demand curve, the supply curve, or both on the following graph to illustrate both the short-run effects of the viral video and the new long- run equilibrium after firms and consumers finish adjusting to the news.
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