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. Dollars per pound) 10 9 8 shrimp at every price. In the short run, firms will respond by Supply Demand Supply ?

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. Dollars per pound) 10 9 8 shrimp at every price. In the short run, firms will respond by Supply 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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1
run.
0
0
40
80 120 160 200 240 280 320 360 400
QUANTITY (Millions of pounds)
The new equilibrium price and quantity suggest that the shape of the long-run supply curve in this industry is
upward sloping
downward sloping
horizontal
vertical
in the long

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
7
2
1
0
0
10
80
120
160
200
240
280
Supply
Demand
320
shrimp at every price. In the short run, firms will respond by
360 400
Demand
O
Supply
?

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