History Bookmarks Profiles Tab Window Help D Lo Bla Cc |10 SC M Inl 2 Lo / Bl: | Bl: 2 CE 3 105 7 BI: | DE BI BL .ht| Lo M /staticb/ui/evo/index.html?deploymentld=59828119415547787292595253&elSBN=9780357133606&id=1256835890&nbld=253317 CENGAGE MINDTAP Homework (Ch 14) Back to Assignment Attempts Do No Harm / 1.5 8. Short-run and long-run effects of a shift in demand Suppose that the shrimp industry is in long-run equilibrium at a price of $5 per pound of shrimp and a quantity of 250 million pounds per year. Suppose that WebMD claims that a protein found in shrimp will increase your expected lifespan by 2 years. WebMD's claim will cause consumers to demand more _ shrimp at every price. In the short run, firms will respond by producing less shrimp and running at a loss Shift the demand curve, the supply curve, or both on the following graph to illustrate these short-run effects of WebMD's claim. ? 10 O Supply Demand 00 Supply ollars per pound) NOV 266 2 14 "tv