Suppose that the phirodite industry is initially operating in
long-run equilibrium at a price level of...
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Economics
Suppose that the phirodite industry is initially operating in
long-run equilibrium at a price level of $6 per pound of phirodite
and quantity of 72 million pounds per year. Suppose that the Food
and Drug Administration (FDA) reports that compounds naturally
occurring in phirodite are linked to chronic illness. The FDA’s
research is expected to cause consumers to demandless
phirodite at every price. In the short run, firms will
respond by .
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