Suppose that the chicken industry is in long-run equilibrium at a price of $5 per pound of chicken and a quantity of 400 million pounds per year. Suppose that WebMD claims that a protein found in chicken will increase your expected lifespan by 5 years. WebMD's claim will cause consumers to demand 7 chicken at every price. In the short run, firms will respond by m r Shift the demand curve, the supply curve, or be following graph to illustrate these short-run effects of WebMD's claim. Shift the demand curve, the supply curve, or both on the following graph to illustrate these short-run effects of WebMD's claim. 10 O 9 Supply Demand O Supply PRICE (Dollars per pound) A Demand N 0 0 80 160 240 320 400 480 560 640 720 800 QUANTITY (Millions of pounds) In the long run, some firms will respond by untilIn the long run, some firms will respond by until producing more chicken and earning positive profit Shift the demand curve, the supply curve, or entering the industry ort-run effects of WebMD's claim and the new long- run equilibrium after firms and consumers fir producing more chicken and running at a loss exiting the industry producing less chicken and earning positive profit producing less chicken and running at a loss 10PRICE (Dollars per pound) The new equilibrium price and quantity suggest that the shape of the long-run supply curve in this industry is run. Suppl ________.+ I I I I I Dmand I I I I l . . . . 160 240 320 400 480 560 QUANTITY (Millions of pounds) 540 720 800 Demand Supply upward sloping downward sloping vertical v in the long