g Novelli Corporation makes a product whose variable overhead standards are based on direct labor-hours. The quantity standard is 1.4 hours per unit. The variable overhead rate standard is $11.00 per hour. In September, the company produced 1,450 units using 2,020 direct labor-hours. The actual variable overhead rate was $12.30 per hour. The variable overhead efficiency variance for September is:

the specific actions take by the fed. what the fed was attempting to do by taking these actions. the result of the actions taken by the fed

answer: in the short-run firms will respond by raising the price of turkey.

explanation: initially the long-run equilibrium is at a price of $5 per pound of turkey and a quantity of 50 million pounds per year. now, when webmd claims that a protein found in turkey will increase your expected lifespan by 4 years. the consumers demand for turkey will increase at every price shifting the demand curve to the right from d1 to d2. while, there will be no change in the supply curve in the short-run as it is not possible for producers to adjust supply so quickly. as a result the new equilibrium will occur at a higher price and a higher quantity of turkey.

thus, in the short run firms will respond by increasing the price of turkey, selling more quantity at a higher price and earning economic profits.