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PRICE (Dollars per quart) Short-run Subply Demand Short-run Supply Short-run Equilbrium Demand Long-run Equilbrium 10 Long-run Supply QUANTITY (Thousands of quarts) In the short run, firms will In the long run, the supply curve will On the previous graph, show the shift in the supply curve and then use the purple point (diamond symbol) to indicate the resulting new long- run equilibrium. Comparing the two long-run equilibria on the graph, you can see that the orange julce market is an example of lot the long-run market supply curve for orange juice.

PRICE (Dollars per quart) Short-run Subply Demand Short-run Supply Short-run Equilbrium Demand Long-run Equilbrium 10 Long-run Supply QUANTITY (Thousands of quarts) In the short run, firms will In the long run, the supply curve will On the previous graph, show the shift in the supply curve and then use the purple point (diamond symbol) to indicate the resulting new long- run equilibrium. Comparing the two long-run equilibria on the graph, you can see that the orange julce market is an example of lot the long-run market supply curve for orange juice.

Microeconomics: Private and Public Choice (MindTap Course List)
Microeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506893
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter9: Price Takers And The Competitive Process
Section: Chapter Questions
Problem 11CQ
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PRICE (Dollars per quart) 10 Short-run Supply Demand Short-run Supply Short-run Equilibrium Demand Long-run Equilibrium 10 Long-run Supply QUANTITY (Thousands of quarts) In the short run, firms will In the long run, the supply curve will On the previous graph, show the shift in the supply curve and then use the purple point (diamond symbol) to indicate the resulting new long- run equilibrium. Comparing the two long-run equilibria on the graph, you can see that the orange juice market is an example of On the previous graph, use the green line (diamond symbols) to plot the long-run market supply curve for orange juice.
Transcribed Image Text:PRICE (Dollars per quart) 10 Short-run Supply Demand Short-run Supply Short-run Equilibrium Demand Long-run Equilibrium 10 Long-run Supply QUANTITY (Thousands of quarts) In the short run, firms will In the long run, the supply curve will On the previous graph, show the shift in the supply curve and then use the purple point (diamond symbol) to indicate the resulting new long- run equilibrium. Comparing the two long-run equilibria on the graph, you can see that the orange juice market is an example of On the previous graph, use the green line (diamond symbols) to plot the long-run market supply curve for orange juice.
Q Search thi 9. The fong-run supply curve in different cost industries The following graph shows the market for orange juice. Initially, the market is in a long-run equiibrium, Suppose that a change in tastes resulted in a leftward shift in demand. On the following graph, shift the demand or supply curve to reflect this change in tastes. Then use the grey point (star symbol) to indicate the new short-run equilibrium. Note: Select and drag one or both of the curves to the desired position. Curves will snap into position, so if you try to move a curve and it snaps back to its original position, just drag it a little farther.
Transcribed Image Text:Q Search thi 9. The fong-run supply curve in different cost industries The following graph shows the market for orange juice. Initially, the market is in a long-run equiibrium, Suppose that a change in tastes resulted in a leftward shift in demand. On the following graph, shift the demand or supply curve to reflect this change in tastes. Then use the grey point (star symbol) to indicate the new short-run equilibrium. Note: Select and drag one or both of the curves to the desired position. Curves will snap into position, so if you try to move a curve and it snaps back to its original position, just drag it a little farther.
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