Show that after a shift in the demand curve, a monopoly's price may remain constant but its output may rise. For simplicity, assume that only the slope of the demand curve changes. 1.) Use the line drawing tool to draw the new demand curve. Label this line 'D1'. 2.) Use the line drawing tool to accurately draw the new marginal revenue curve. Label this line 'MR1'. 3.) Use the point drawing tool to indicate the new price and quantity. Label this line 'E1'. Carefully follow the instructions above, and only draw the required objects.

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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.

staple goods and impulse goods are examples of convenience products which consumers usually  buy. these products can be bought almost everywhere and are readily available for purchase. usually, the quality and price of the product are not considered. examples of staple goods are sugar and bread, while impulse goods examples are chocolates and magazine.