Question

The CDC’s announcement will cause consumers to demand (less/more) chicken at every price. In the short run, firms will respond by (producing less chicken and running at a loss/ producing the same amount of chicken and running at a loss/ exiting the industry/ producing more chicken and earning a postivie profit/ producing the same amount of chicken and earning a postivie profit/ entering the industry).

In the long run, some firms will respond by (producing more chicken and earning a postivie profit/ producing less chicken and running at a loss/ entering the industry/ producing less chicken and earning a postivie profit/ exiting the industry/ producing more chicken and running at a loss) until (new technologies are discovered that lower costs/ each firm in the industry is once again earning zero profit/ chicken population grow large enough to support more firms/ consumer demand returns to its orginal level).

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Options: