7. Short-run and long-run effects of a shift in demand Suppose that the chicken industry is in long-run equilibrium at a price of $5 per pound of chicker and a quantity of 350 million pounds per year Suppose that the Centers for Disease Control (CDC) announces that a chemical found in chicken is causing bacterial infections to spread around the world The CDC's announcement will cause consumers to demand chicken at every price in the short run, firms will respond by Shift the demand curve, the supply curve, or both on the following graph to illustrate these short-run effects of the CDC's announcement ? 10 9 Supply 8 Demand 6 Supply PRICE (Dollars per pound) Demand as 0 0 70 630 700 140 210 280 350 420 490 560 QUANTITY (Millions of pounds) In the long run, some firms will respond by until Shift the demand curve, the supply curve, or both on the following graph to strate both the short-run effects of the CoC announcement and the new long-run equilibrium after firms and consumers finish adjusting to the news The new equilibrium price and quantity suggest that the shape of the long-run supply curve in this industry is run in the long Conde