Economics (MindTap Course List)
13th Edition
ISBN: 9781337617383
Author: Roger A. Arnold
Publisher: Cengage Learning
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Question
Chapter 8, Problem 20QP
To determine
Explain the difference between long-run equilibrium and short-run equilibrium.
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Econ question
Is this a long run equilibrium? Why or why not?
The following graph shows the market for breakfast bar. Initially, the market is in a long-run equilibrium.
Suppose that a change in tastes resulted in a leftward shift in demand.
On the following graph, shift the demand or supply curve to reflect this change in tastes. Then use the grey point (star symbol) to indicate the new
short-run equilibrium.
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
snaps back
to its original position, just drag it a little farther.
(?
10
Short-run Supply
Demand
Short-run Supply
Short-run Equilibrium
Demand
Long-run Equilibrium
A
2
10
Long-run Supply
QUANTITY (Thousands of boxes)
PRICE (Dollars per box)
Chapter 8 Solutions
Economics (MindTap Course List)
Ch. 8.2 - Prob. 1STCh. 8.2 - Prob. 2STCh. 8.2 - The money supply has risen, but total spending has...Ch. 8.3 - Prob. 1STCh. 8.3 - Prob. 2STCh. 8.3 - Prob. 3STCh. 8.5 - Prob. 1STCh. 8.5 - Prob. 2STCh. 8 - Prob. 1QPCh. 8 - Prob. 2QP
Ch. 8 - Prob. 3QPCh. 8 - Prob. 4QPCh. 8 - Prob. 5QPCh. 8 - Prob. 6QPCh. 8 - Prob. 7QPCh. 8 - Prob. 8QPCh. 8 - Prob. 9QPCh. 8 - Prob. 10QPCh. 8 - Prob. 11QPCh. 8 - Prob. 12QPCh. 8 - Prob. 13QPCh. 8 - Prob. 14QPCh. 8 - Prob. 15QPCh. 8 - Prob. 16QPCh. 8 - Prob. 17QPCh. 8 - Prob. 18QPCh. 8 - Prob. 19QPCh. 8 - Prob. 20QPCh. 8 - Prob. 21QPCh. 8 - Prob. 1WNGCh. 8 - Prob. 2WNGCh. 8 - Prob. 3WNGCh. 8 - Prob. 4WNGCh. 8 - Prob. 5WNGCh. 8 - Prob. 6WNG
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- Briefly define the short run and long run supply curve?arrow_forwardSuppose tuition at your university were to increase 10 percent. What would the short-run response be? The long-run response? What kind of adjustments might be made?arrow_forwardOn the following graph, shift the demand or supply curve to reflect this change in tastes. Then use the grey point (star symbol) to indicate the new short-run equilibrium. 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. PRICE (Dollars per bag) 10 8 0 0 2 4 6 Short-run Supply Demand QUANTITY (Thousands of bags) 8 10 Demand 0- Short-run Supply Short-run Equilibrium Long-run Equilibrium Long-run Supply ?arrow_forward
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