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B. 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 350 million pounds per year. Suppose that WebMD claims that a protein found in shrimp will increase your expected lifespan by 3 years. WebMD's claim will cause consumers to demand 7 shrimp at every price. In the short run. firms will respond by V Shift the demand curve, the suppiy curve, or bath on the following graph to illustrate these shohmn effects of WebMD's claim. Homework (Ch 14) 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 CO 7 Supply PRICE (Dollars per pound) 5 3 Demand NO 0 70 140 210 280 350 420 490 560 630 700 QUANTITY (Millions of pounds) In the long run, some firms will respond by untilShift the demand curve, the supply curve, or both on the following graph to illustrate both the short-run effects of WebMD's claim and the new long- run equilibrium after firms and consumers finish adjusting to the news. 10 O Supply Demand Supply 5 PRICE (Dollars per pound) CO Demand No 0 70 140 210 280 350 420 490 560 700 QUANTITY (Millions of pounds) The new equilibrium price and quantity suggest that the shape of the long-run supply curve in this industry is in the long run