Attempts

$8.$ Short$-$run and long$-$run effects of a shift in demand

Suppose that the seitan industry is initially operating in long$-$run equilibrium at a price level of $$5$ per pound of seitan and quantity of $75$ million pounds per year. Suppose a top medical journal publishes research that animal$-$alternative protein sources such as seitan could decrease your expected lifespan by $5$ years.

The publication is expected to cause consumers to demand more grad seitan at every price. In the short run, firms will respond by