Suppose that the shrimp industry is in long-run equilibrium at a price of $5 per pound of shrimp and a quantity of 50 million pounds per year. Suppose that WebMD claims that the bacteria found in shrimp will decrease your expected life span by 5 years. WebMD's claim will cause consumers to demand firms will respond by Shift the demand curve, the supply curve, or both on the following diagram to illustrate these short-run effects of WebMD's claim. PRICE (Dollars per pound) 10 9 0 10 20 30 40 50 60 QUANTITY (Millions of pounds) 10 Supply 9 Demand In the long run, some firms will respond by 70 80 90 100 Demand Supply 1 0 Supply Shift the demand curve, the supply curve, or both on the following diagram to illustrate both the short-run effects of WebMD's claim and the new long-run equilibrium after firms and consumers finish adjusting to the news. shrimp at every price. In the short run, Demand until (?)
Suppose that the shrimp industry is in long-run equilibrium at a price of $5 per pound of shrimp and a quantity of 50 million pounds per year. Suppose that WebMD claims that the bacteria found in shrimp will decrease your expected life span by 5 years. WebMD's claim will cause consumers to demand firms will respond by Shift the demand curve, the supply curve, or both on the following diagram to illustrate these short-run effects of WebMD's claim. PRICE (Dollars per pound) 10 9 0 10 20 30 40 50 60 QUANTITY (Millions of pounds) 10 Supply 9 Demand In the long run, some firms will respond by 70 80 90 100 Demand Supply 1 0 Supply Shift the demand curve, the supply curve, or both on the following diagram to illustrate both the short-run effects of WebMD's claim and the new long-run equilibrium after firms and consumers finish adjusting to the news. shrimp at every price. In the short run, Demand until (?)
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter3: Demand And Supply
Section: Chapter Questions
Problem 55P: Table 3.9 illustrates the markets demand and supply for cheddar cheese. Graph the data and find the...
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