involves the analysis of economic, political, legal, technological, and cultural events and trends that may affect the future of the organization and its marketing efforts.

PEST analysis involves the analysis of economic , political, legal, technological and cultural events and trends that may affect the future of the organization and its marketing efforts.

Explanation:

PEST analysis is the simple as well as mostly used tool that helps in analyzing economic,technological, political,socio-cultural changes in the business environment. There are various advantages of PEST analysis that is, it helps in   proper understanding of the business, it helps in dealing with various threats, It is also a cost effective analysis. This analysis helps in determining the performance of the business during long- term.

our agriculture industry and our business industry

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.