Question Mode Multiple Choice Question Which of the following statements explains what a trial balance is? Multiple choice question. A trial balance confirms that the sum of debit account balances equals the sum of credit account balances. A trial balance proves that debit balances equal debit balances within the general ledger. A trial balance confirms that no mistakes were made in recording transactions. A trial balance is prepared before posting of any journal entries.

answer$225.00;

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.