How will the supply and demand curve shift

Reference no: EM13183685

Consider the market for tuna, which is a price-taker market. The long-run equilibrium price is $3 per can of tuna, and the long run equilibrium quantity is 600 million cans per year. suppose the surgeon general issues a report saying that eating tuna is bad for your health.

How will the supply and/or demand curve shift? (to the left, right?)

In the long run, some firms will respond by ________ (producing more tuna and running at a loss/ existing the tuna industry/ producing less tuna and earning positive profit/ entering tuna industry/ producing more tuna and earning positive profit/ producing less tuna and running at a loss) until _____ (new technologies are discovered that lower costs/ each firm in the industry is once again earning zero profit/ tuna populations grow large enough to support more firms/ consumer demand returns to its original level).

how will the supply and demand curve shift? both the the left? And it is decreasing cost industry?

Place the orange line so that it goes through two of the points and shows the most likely long-run supply cure for apricots. it is possible to plot three different straight lines through the three points on this graph. your job is to choose the most appropriate line. RH, RG OR HG?

Reference no: EM13183685

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