Assume Verizon reports the following selected balance sheet and income statement information. 2014 2013 Current assets $16,448 $19,479 Current liabilities 25,063 23,129 Total liabilities 101,696 103,345 Equity 66,434 62,613 Earnings before interest and taxes 12,787 12,496 Interest expense 2,180 2,384 Net cash flow from operating activities 22,012 21,820 Compute the current ratio for 2014.

a. primarily outdoors, responding to emergencies and protecting people.

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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.