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.

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24-11-2022
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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.

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The report from the Surgeon General lowers consumer demand for chicken. The short-run supply curve shifts as a result of the change in demand. Each company produces less chicken than before, resulting in a fall in chicken prices. Prices falling would result in businesses losing money.

What is long-run equilibrium?

An economy is in a boom if its real GDP at the moment is higher than its output at full employment. We say the economy is in long-run equilibrium if the current output is equivalent to the output at full employment.

The marginal cost must be equal to the price and the long run average cost for a firm to reach long run equilibrium. Consequently, LMC = LAC = P The company modifies the size of its plant to generate a production level where the LAC is at a minimum.

Thus, The report from the Surgeon General lowers consumer demand.

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