True or false. you have placed an antique sofa up for auction and the auctioneer has not made any special announcements about the sale. you can withdraw the sofa at any time before the auctioneer closes the sale by announcement or by the fall of the hammer.

True

Explanation:

An auction is a call for offer, basically a person with highest offer value gets the object under auction, only when the hammer is passed. Generally there is a least price set with which the auction begins.

This in the given instance the sale can be withdrawn anytime before there is a proper acceptance from the seller or the fall of hammer, as these two are preconditions for the sale under auction.

After this the seller cannot withdraw and needs to sale the object.

Thus, the statement is true.

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.