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

Exercise 11

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 runv
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