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Cengage MindTap-Cengage Learning https//ng.cengage m/static/nb/u/evo/index.html?deploymentld-5673...

Cengage MindTap-Cengage Learning https//ng.cengage m/static/nb/u/evo/index.html?deploymentld-567366301721823151184010098elSBN

0 30 60 00120 150 180 210 240 270 300 QUANTITY (ilions of pounds) In the long run, some firms will respond by until Shift the

Cengage MindTap-Cengage Learning https//ng.cengage m/static/nb/u/evo/index.html?deploymentld-567366301721823151184010098elSBN-978133 70965778 snapshotid-10674508id-4319253298 Suppose that the shrimp industry is in long-run equilibrium at a price of $5 per pound of shrimp and a quantity of 150 million pounds per year. Suppose that the Centers for Disease Control (CDC) announces that a chemical found in shrimp is causing bacterial infections to spread around the world. The CDC's announcement will cause consumers to demandshrimp at every price. In the short run, firms will respond by Shift the demand curve, the supply curve, or both on the following graph to illustrate these short-run effects of the CDC's announcement. 10 Demand Supply a. 30 0 0 120 150 180210 240 270 300 QUANTITY (Millions of pounds) until In the long run, some firms will respond by r beth on the folowing graph to illustrate both the short-run effects of the coc's announcement and the
0 30 60 00120 150 180 210 240 270 300 QUANTITY (ilions of pounds) In the long run, some firms will respond by until Shift the demand curve, the supply curve, or both on the foliowing graph to illustrate both the short-run effects of the CDC's announcement and the new long-run equilibrium after firms and consumers finish adjusting to the news 10 Demand Suppty o 30 0PO120 150 180 210 240 27To s00 QUANTITY (Millions of pounds) in the long The new equililbrium price and quantity suggest that the shape of the long-run supply curve in this industry is Save & Continue Cootnue without saving O Type here to search
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