Explain why eating tuna is good for your health

Reference no: EM13183335

Consider the market for tuna, which is a perfectly competitive market. The long-run equilibrium price is $3 per can of tuna, and the long-run equilibrium quantity is 600 million cans per yr. Suppose the Surgeon General issues a report saying that tuna eating tuna is good for your health. The surgeon general's report will cause consumers to demand _______(more/less) tuna at every price. In the short runfirms will respond by _____(producing less tuna and earning positive profit/exiting the tuna industry/entering the tuna industry/producing less tuna and running at a loss/producing the same amt of tuna and running at a loss/producing more tuna and earning a positive profit.

Reference no: EM13183335

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