Marty had a contract to paint peters house for $2,000. marty painted the house and peter did not pay marty (under the contract he was to make payment 7 days after completion of the job). peter was happy with the paint job; he didnt pay marty because peter had lost his job and did not get a paycheck that month. six months later, marty needed money badly. marty told peter that if peter would give him $1,100 immediately, marty would release him from the other $900 owed. peter agreed and gave marty a check for $1,100. on the check, peter wrote payment in full. marty cashed the check. two months after cashing the check, marty demanded the other $900 from peter, and filed a lawsuit. who should win and why?

answerall of these;

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.