Microeconomics 15th Edition by James Gwartney,Richard Stroup,Russell Sobel,David Macpherson

Exercise 9

*If coffee suppliers are price takers, how will an unanticipated increase in demand for their product affect each of the following, in a market that was initially in long-run equilibrium
a. the short-run market price of the product
b. industry output in the short run
c. profitability in the short run
d. the long-run market price in the industry
e. industry output in the long run
f. profitability in the long run