Question : Suppose that the chicken industry in long-run equilibrium at a : 5063
Suppose that the chicken industry is in long-run equilibrium at a price of $3 per pound of chicken and a quantity of 600 million pounds per year. Suppose the Surgeon General issues a report saying that eating children is good for your health. The Surgeon General's report will cause consumers to demand chicken at every price. In the short run, firms will respond by Shift the supply curve, the demand curve, or both on the following diagram to illustrate these short-run effects of the Surgeon General's announcement. Tool tip: Click and drag one or both of the curves. Curves will snap into position, so if you try to move the curve and it snaps back to its original position, just and drag it a little farther. In the long run, some firms will respond by until shift the supply curve, the demand curve, or both on the following diagram illustrate both the short-run effects of the Surgeon General's the new long-run equilibrium after firms and consumers finish adjusting to the news.