Suppose egg producers succeed in permanently raising the price of their product by 15%,and as a result the quantity demanded falls by 15% in the short run.In the long run we can expect the quantity demanded to fall by

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In the long run, consumers have more time to adjust to price changes, potentially finding substitutes or altering consumption habits, leading to a greater decrease in quantity demanded than in the short run.

Suppose Egg Producers Succeed in Permanently Raising the Price of Their