John’s specialty store uses a perpetual inventory system. the following are some inventory transactions for the month of may: john’s purchased merchandise on account for $5,000. freight charges of $300 were paid in cash. john’s returned some of the merchandise purchased in (1). the cost of the merchandise was $600 and john’s account was credited by the supplier. merchandise costing $2,800 was sold for $5,200 in cash. required: prepare the necessary journal entries to record these transactions. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field.)

answer; burned it;

answer; monopolistic competition;

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.