Suppose that the perfectly competitive turkey industry is in long-run equilibrium at a price of $3 per kilogram of turkey and a quantity of 600 million kilograms per year Suppose Health Canada issues a report saying that eating turkey is good for your health. Health Canada's report will cause consumers to demand more _ turkey at every price. In the short run, firms will respond by producing the same amount of turkey and running at a loss to illustrate these short-run effects of Health Canada's announcement. exiting the industry ion. Curves will snap into position, so if you try to move a curve and producing more turkey and earning positive profit producing the same amount of turkey and earning positive profit producing less turkey and running at a loss entering the industry O Cn Supply Demand O Supply 3 PRICE (Dollars per kilogram) Demand 2Shift the supply curve, the demand curve, or both on the following diagram to illustrate these short-run effects of Health Canada's announcement. 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. 6 O Supply Demand Supply 3 PRICE (Dollars per kilogram) Demand 2 400 1020 1300 QUANTITY (Millions of kilograms)In the long run, some firms will respond by until producing more turkey and earning positive profit Shift the supply curve, the demand curve, or bo entering the industry un effects of Health Canada's announcement and the new long-run equilibrium producing more turkey and running at a loss nada's announcement. producing less turkey and earning positive profit producing less turkey and running at a loss exiting the industry O 5 Supply Demand Supply 3 PRICE (Dollars perkilogram) Demand 2 0 1010 1201In the long run, some firms will respond by until new technologies are discovered that lower costs agram to illustrate both the short-run effects of Health Canada's each firm in the industry is once again earning zero profit umers finish adjusting to Health Canada's announcement. consumer demand returns to its original level turkey populations grow large enough to support more firms 6 O S Supply Demand O Supply 3 PRICE (Dollars perkilogram) Demand 2 1 1020 12016 O 5 Supply Demand O Supply 3 PRICE (Dollars per kilogram) Demand 2 0 1020 1310 a constant-cost industry (Millions of kilograms) an increasing-cost industry a decreasing-cost industry no quantity are as you found in the preceding problem, the turkey industry is