When economic profits are positive in a perfectly competitive industry,
a. we would expect the market supply curve to shift to the left as a result.
b. we would expect the market supply curve to shift to the right as a result.
c. we would not expect any change in the market supply curve to result.
d. we would expect that the market demand curve to shift right as a result
Question 2
Which of the following is an effect of paper recycling on pulpwood?
a. Recycling leads to an increase in acreage devoted to pulpwood.
b. Recycling leads to a decrease in acreage devoted to pulpwood.
c. Recycling increases the demand for pulpwood.
d. Recycling increases the market price of pulpwood.
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