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31 July, 05:55

Suppose that the chicken industry is in long-run equilibrium at a price of $5 per pound of chicken and a quantity of 350 million pounds per year. suppose the surgeon general issues a report saying that eating chicken is bad for your health. the surgeon general's report will cause consumers to demand

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  1. 31 July, 09:03
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    The Surgeon General's report causes consumers' demand for chicken to decrease. The shift in demand causes a movement along the short-run supply curve. The price of chicken decreases, and each firm produces less chicken than before. A decrease in price would cause firms to be running at a loss.
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