The following is the adjusted trial balance for Stockton Company. Stockton Company Adjusted Trial Balance December 31 Cash 5,823 Accounts Receivable 2,812 Prepaid Expenses 747 Equipment 14,953 Accumulated Depreciation 3,639 Accounts Payable 1,559 Notes Payable 5,819 Common Stock 1,000 Retained Earnings 9,827 Dividends 915 Fees Earned 7,461 Wages Expense 2,538 Rent Expense 818 Utilities Expense 358 Depreciation Expense 250 Miscellaneous Expense 91 Totals 29,305 29,305 Determine the total assets.

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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.