Critics of capitalism and Corporate America increasingly argue that corporations should follow socially responsible standards higher than that imposed by law. True False

The statement is true.  Critics of capitalism and Corporate America increasingly argue that corporations should follow socially responsible standards higher than that imposed by law.

Explanation:

The critique of capitalism refers to views and theories that criticize the economic order that spreads with industrialization, which is based on private property, market economy, capital accumulation, dependent wage labor and the individual pursuit of profit, either in principle or in individual aspects.  

Hardly different from capitalism itself, the history of criticism of capitalism dates back to the 19th century. The criticism is expressed in individual elements of capitalism such as money and interest management, private ownership of means of production and maximization of profit as well as the consequences attributed to them such as exploitation and impoverishment of the working class.

Therefore, the criticism of capitalism starts from that lack of social tact that says that capitalism has, leaving many sectors of society at a disadvantage compared to other more benefited sectors.

The statement is: True.

Explanation:

Capitalism is the characteristic of an economy ruled by private ownership. Critics of capitalism are mainly socialists or communists who believe resources should be allocated evenly among the inhabitants of a country. These individuals are likely to rigidly defend social responsibility for the malpractice of capitalists.

Socialists and communists would get to the point of chasing private investors to prioritize their social duties instead of the investors' interests even if that means requesting the government to pass more stiff laws.

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.