8. Short-run and long-run effects of a shift in demand Suppose that the shrimp industry is in long-tun equilibrium at a price of $5 per pound of shrimp and a quantity of 250 million pounds per year, Suppose the Surgeon General issues a report saying that eating shrimp is bad for your health. The Surgeon General's report will cause consumers to demand shrimp 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 illiustrate these short-run effects of the Surgeon General's report. 8. Short-run and long-run effects of a shift in demand Suppose that the shrimp industry is in long-run equilibrlum at a price of $5 per pound of shrimp and a quantity of 250 million pounds per year. Suppose the Surgeon General issues a report saying that eating shrimp is bad for your health. The Suraoon Ganaral't mannat wan ry price, in the short run, firms will respond by tse short-run effects of the Surgeon General's report. Shift the demand curve, the supply curve, or both on the following graph to illustrate both the short-run elfects of the surgeon General's report 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 in the iong run. 7 graph to illustrate both the short-run effects of the Surgeon Ge 7 adjusting to the news. In the long run, some firms will respond by until The new equilibrium price and quantity suggest that the shape of the long-run supply curve in this industry is in the long run