Solved: Suppose that through some cultural revolution one-half of, Macroeconomics

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Suppose that through some cultural revolution one-half of

Suppose that through some cultural revolution one-half of Americans became vegetarians and would no longer eat any kind of meat. Assume that beef producers compete in perfect competition, and use supply and demand curves to explain the impact. What would happen in the short run to beef prices and the profits of beef producers? In the long run?

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Macroeconomics: Suppose that through some cultural revolution one-half of

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