Problem
The 2010 oil spill in the Gulf of Mexico caused the oil firm BP and the U.S. government to greatly increase purchases of boat services, various oilabsorbing materials, and other goods and services to minimize damage from the spill. Use side-by-side firm and market diagrams to show the effects (number of firms, price, output, profits) of such a shift in demand in one such industry in both the short run and the long run. Explain how your answer depends on whether the shift in demand is expected to be temporary or permanent.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.