Slater lamp manufacturing has an outstanding issue of preferred stock with a par value of $80 and an 10% annual dividend.
a. what is the annual dollar dividend? if it is paid quarterly, how much will be paid each quarter?   
b. if the preferred stock is noncumulative and the board of directors has passed the preferred dividend for the last 2 quarters, how much must be paid to preferred stockholders in the current quarter before dividends are paid to common stockholders?
c. if the preferred stock is cumulative and the board of directors has passed the preferred dividend for the last 2quarters, how much must be paid to preferred stockholders in the current quarter before dividends are paid to common stockholders?

answer; proclamation of 1763;

answer: in the short-run firms will respond by raising the price of turkey.

explanation: initially the long-run equilibrium is at a price of $5 per pound of turkey and a quantity of 50 million pounds per year. now, when webmd claims that a protein found in turkey will increase your expected lifespan by 4 years. the consumers demand for turkey will increase at every price shifting the demand curve to the right from d1 to d2. while, there will be no change in the supply curve in the short-run as it is not possible for producers to adjust supply so quickly. as a result the new equilibrium will occur at a higher price and a higher quantity of turkey.

thus, in the short run firms will respond by increasing the price of turkey, selling more quantity at a higher price and earning economic profits.