(Solved): 8. Short-run and long-run effects of a shift in demand Suppose that the tempeh industry is initiall ...

8. Short-run and long-run effects of a shift in demand Suppose that the tempeh industry is initially operating in long-run equilibrium at a price level of \( \$ 5 \) per pound of tempeh and quantity of 75 million pounds per year. Suppose a leading foodie video blogger raises awareness for a scholarly artide that links tempeh consumption to premature hair loss and unhealthy skin. The viral video is expected to cause consumers to demand tempeh at every price. In the short run, firms will respond by Shift the demand curve, the supply curve, or both on the following graph to illiustrate these short-run effects of the viral video. In the long run, some firms will respond by until Shift the demand curve, the supply curve, or both on the following groph to llustrate both the short-run effects of the viral video and the new run equilibrium after firms and consumers finish adfusting to the news. in the fine num.