Suppose that the phirodite industry is initially operating in long$-$run equilibrium at a price level of $\backslash (\backslash$$ $6\backslash )$ per pound of phirodite and quantity of $288$ million pounds per year. Suppose a top medical journal publishes research that animal$-$alternative protein sources such as phirodite could decrease your expected lifespan by $5$ years.

The publication is expected to cause consumers to de Activity Frame irodite at every price. In the short run, firms will respond by less $.$

Shift the demand curve, the supply curve, or both on the fo graph to illustrate these short$-$run effects of the publication. Suppose that the phirodite industry is initially operating in long$-$run equilibrium at a price level of $\backslash (\backslash$$ $6\backslash )$ per pound of phirodite and quantity of $288$ million pounds per year. Suppose a top medical journal publishes research that animal$-$alternative protein sources such as phirodite could decrease your expected lifespan by $5$ years.

Th expected to cause consumers to demand phirodite at every price. In the short run, firms will respond by $.$

exiting the industry

Shi

producing the same amount of phirodite and earning positive profit

producing more phirodite and earning positive profit

producing less phirodite and running at a loss

entering the industry

producing the same amount of phirodite and running at a loss to illustrate these short$-$run effects of the publication.

$\backslash [$

$?$

$\backslash ]$

Demand

$\backslash [$

$\backslash$square

$\backslash ]$

Supply In the long run, some firms will respond In the long run, some firms will respond by $\backslash (\backslash$qquad $\backslash )$ until $\backslash (\backslash$qquad $\backslash ).$

phirodite populations grow large enough to support more firms

Shift the demand curve, the supply curve, or both on the following grapl run equilibrium after firme and consumers finish adjusting to the news.

each firm in the industry is once again earning zero profit

enew longActivity Frame

consumer demand returns to its original level

new technologies are discovered that lower costs

$\backslash (\backslash$qquad $\backslash )$

Demand

$\backslash (\backslash$square $\backslash )$

Supply Shift the demand curve, the supply curve, or both on the following graph to illustrate both the short$-$run effects of the publication and the new longum after firms and consumers finish adjusting to the news.

upward sloping

horizontal

downward sloping

vertical

The new equilibrium price and quantity suggest that the shape of the long$-$run supply curve in this industry is in the long run.