Business, 30.07.2019 05:10 jenistha123

Suppose that the tuna industry is in long-run equilibrium at a price of $5 per can of tuna and a quantity of 350 million cans per year. suppose that webmd claims that a protein found in tuna will increase your expected life span by 2 years.
webmd's claim will cause consumers to demand tuna at every price. in the short-run, firms will respond by
draw a diagram with the demand and/or supply curve to illustrate these short-run effects of webmd's claim.
in the long-run, some firms will respond by and
illustrate both the short-run effects of webmd's claim and the new long-run equilibrium after firms and consumers finish adjusting to the news by drawing a diagram with the demand and/or supply curve.
the new equilibrium price and quantity suggest that the shape of the long-run supply curve in this industry is in the long-run.

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Suppose that the tuna industry is in long-run equilibrium at a price of $5 per can of tuna and a qua...

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