The market for beef is in long-run equilibrium at $3.25 per kilogram. The announcement that mad cow disease has been discovered in Alberta reduces the demand for beef sharply, and the price falls to $2.00 per kilogram. If the long-run supply curve is horizontal, when the long-run equilibrium is reestablished, the price will be: O $3.25 per kilogram.

The market for beef is in long-run equilibrium at $3.25 per kilogram. The announcement that mad cow disease has been discovered in Alberta reduces the demand for beef sharply, and the price falls to $2.00 per kilogram. If the long-run supply curve is horizontal, when the long-run equilibrium is reestablished, the price will be: O $3.25 per kilogram.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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