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What will happen to demand-shift right shift left no shift

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Problem

Suppose the market for gourmet chocolate is in long-run equilibrium, and an economic downturn has reduced consumer discretionary incomes. Assume chocolate is a normal good, and the chocolate producers have identical cost structures.

a. What will happen to demand-shift right, shift left, no shift?

b. What will happen to profits for chocolate producers in the short run-increase, decrease, or no change?

c. What will happen to the short-run supply curve-increase, decrease, or no change?

d. What will happen to the long-run supply curve-increase, decrease, or no change?

Reference no: EM131919445

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