Horselenberg et al. (2003) conducted an experiment based on kassin and kieche (1996) in which the participant was falsely accused of striking a computer key that caused the data to be deleted. the earlier study showed that 69 percent of the participants were willing to sign a confession that they had struck the key. horselenberg’s study included a change in procedure where the signed confession included giving up part of the participation fee. what type of study was horselenberg’s?

answer; institution based;

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.