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8. Short-run and long-run effects of a shift in demand Suppose that the shrimp industry is in long-run equilibrium at a price of $5 per kilogram of shrimp and a quantity of 350 million kilograms per year. Suppose that the Public Health Agency of Canada (PHAC) announces that a chemical found in shrimp is causing bacterial infections to spread around the world. The PHACs announcement will cause consumers to demand by shrimp at every price. In the short run, firms will respond On the graph below, shift the demand curve, the supply curve, or both on the following diagram to illustrate these short-run effects of the PHACs announcement. 10 Supp Demand Supply mand 0 70 140 210 280 350 420 490 58 830 700 QUANTITY (Millions of kilograms)

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