Question

Suppose that the shrimp industry is in long-run equilibrium at a price of $5 per pound of shrimp and a quantity of 150 million pounds per year. Suppose that the Centers for Disease Control (CDC) announces that a chemical found in shrimp is causing bacterial infections to spread around the world ▼ shrimp at every price. In the short run, firms will respond The CDC's announcement will cause consumers to demand by Shift the demand curve, the supply curve, or both on the following graph to illustrate these short-run effects of the CDC's announcement. 10 Supp Demand Supply emand 0 30 60 90 120 150 180 210 240 270 300 QUANTITY (Millions of pounds) In the long run, some firms will respond until by
The options for the first fill in the blank are less or more. The options for the second and 3rd option are producing the same amount of shrimp and earrning positive profit,entering the industry, producing more shrimp and earning profit,exiting the industry,producing the shrimp and running at a loss, or producing the same amount of shrimp and running at a loss. The option for the last fill in the blank are shrimp populations grow large enough to support more firms, new technologies are discovered at a lower cost, earn firm in the industry is once again earning zero profit, and consumer demand return to its original level