Question

6. Short-run and long-run effects of a shift in demand Suppose that the perfectly competitive turkey industry is in long-run equilibrium at a price of $3 per pound of turkey and a quantity of 600 million pounds per year. Suppose the Surgeon General issues a report saying that eating turkey is bad for your health. The Surgeon General's report will cause consumers to demand_ turkey at every price. In the short run, firms will respond by of the Surgeon General's Shift the supply curve, the demand curve, or both on the following diagram to illustrate these short-run affects of the Surgeon General's announcement position. Curves will snap into position, so if you try to move a curve and its Note: Select and drag one or both of the curved to its original position, just drag it a little farther Y Demand Supply RICE (Dolars per pound)

Answer 1

Pour Ss(Naw) 3 2 Demand 660 Iktingacain Speans oud w caus Lall ldeneas hrhy at ea dpru 1onsumer to demand wepend y dnonn anput In shov geun, fm w ferns vids respond etngnh In Long Lur Peuii= $3. M