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Business, 09.04.2020 01:00 20170020

Suppose that the turkey industry is in long-run equilibrium at a price of $5 per pound of turkey and a quantity of 50 million pounds per year. Suppose the Surgeon General issues a report saying that eating turkey is bad for your health.

The Surgeon General’s report will cause consumers to demand turkey at every price. In the short run, firms will respond by .

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Suppose that the turkey industry is in long-run equilibrium at a price of $5 per pound of turkey and...
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