A company's Inventory balance at the end of the year was $201,500 and $215,000 at at the beginning of the year. Its Accounts Payable balance at the end of the year was $99,000 and $93,500 at the beginning of the year, and its cost of goods sold for the year was $735,000. The company's total amount of cash payments for merchandise during the year equals:

answer; read and consider the content of the items;

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.