Assume that barber co. uses the lifo inventory costing method for both tax and financial reporting purposes. the balance sheet reports inventories at $297 million. then, in its footnotes, the company reports that inventories would have been $327 million had the company used the fifo method. the difference between these two numbers ($30 million) is referred to as:

answer; the landlord can sue the renter,and the renter loses the security deposit;

answer; situational irony;

answer: in the short-run firms will respond by raising the price of turkey.

explanation: initially the long-run equilibrium is at a price of $5 per pound of turkey and a quantity of 50 million pounds per year. now, when webmd claims that a protein found in turkey will increase your expected lifespan by 4 years. the consumers demand for turkey will increase at every price shifting the demand curve to the right from d1 to d2. while, there will be no change in the supply curve in the short-run as it is not possible for producers to adjust supply so quickly. as a result the new equilibrium will occur at a higher price and a higher quantity of turkey.

thus, in the short run firms will respond by increasing the price of turkey, selling more quantity at a higher price and earning economic profits.