How does each shrimp producer react to the increase in price

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Reference no: EM13150231

The market for shrimp is perfectly competitive. In the short run, the number of shrimp boats is fixed. In the long run, the number of boats (all with identical costs) can adjust in response to changes in the profitability of shrimp fishing. The market is currently in both short-run and long-run equilibrium. Now suppose the U.S. Surgeon General releases a report providing new evidence that eating shrimp once a week helps people live longer. 9.3. In the short run, how does each shrimp producer react to the increase in price? A. Each producer decreases its production of shrimp. B. Each producer increases its production of shrimp. C. Each producer exits the industry. D. Each producer shuts down.

Reference no: EM13150231

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