Manny Saxe College is a small, nonprofit college known for its excellence in teaching accounting. The college uses fund accounting and has an Unrestricted Current Fund (UCF), a Restricted Current Fund (RCF), a Plant Fund (PF), and an Endowment Fund (EF). It charges its expenses to Instruction and research, Student services, Plant operations, and Auxiliary enterprises. It had the following transactions and events during its calendar fiscal year. Prepare the journal entries necessary to record these transactions. Show which fund is used to record each transaction and identify the appropriate net asset classification.

answer; measurable outcome;

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.