Companies are allowed to depart from the requirement that a change in accounting principle be reported retrospectively when: (select all that apply.)check all that applya) disclosure is made of the impact of the choice not to apply the change to the amounts reported in the financial statements. b) it is impracticable to determine some period-specific effects. c) it is impracticable to determine the cumulative effect of prior years. d) the prospective approach is mandated by authoritative accounting literature

the answer is account d

answer; swot analysis;

answer: in the short-run firms will respond by raising the price of turkey.

explanation: initially the long-run equilibrium is at a price of $5 per pound of turkey and a quantity of 50 million pounds per year. now, when webmd claims that a protein found in turkey will increase your expected lifespan by 4 years. the consumers demand for turkey will increase at every price shifting the demand curve to the right from d1 to d2. while, there will be no change in the supply curve in the short-run as it is not possible for producers to adjust supply so quickly. as a result the new equilibrium will occur at a higher price and a higher quantity of turkey.

thus, in the short run firms will respond by increasing the price of turkey, selling more quantity at a higher price and earning economic profits.