8. Short-run and long-run effects of a shift in demand Suppose that the tofu industry is initially operating in long-run equilibrium at a price level of $5 per block of tofu and quantity of 225 million blocks per year. Suppose a top medical journal publishes research that animal-alternative protein sources such as tofu could decrease your expected lifespan by 6 years. The publication is expected to cause consumers to demand _ tofu 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 publication. (?) 10 O- Supply Demand Co Supply PRICE (Dollars per block) Demand N 0 45 90 135 180 225 270 315 360 405 450 QUANTITY (Millions of blocks) In the long run, some firms will respond by untilShift the demand curve, the supply curve, or both on the following graph to illustrate both the short-run effects of the publication and the new long- run equilibrium after firms and consumers finish adjusting to the news. 10 O Supply Demand CO 7 8 Supply PRICE (Dollars per block) Demand N 0 0 45 90 135 180 225 270 315 360 405 4 QUANTITY (Millions of blocks) The new equilibrium price and quantity suggest that the shape of the long-run supply curve in this industry is in the long run