When economic profits are positive in a perfectly competitive industry,

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.

QUESTION 3

Identify the countries that depend largely on United States for trade.
 a. China and Japan
  b. U.K. and Germany
  c. Canada and Mexico
  d. France and Belgium
  e. Canada and U.K

QUESTION 4

Under imperfect competition, a firm's:
 a. demand curve lies below its marginal revenue curve.
  b. demand curve lies above its marginal revenue curve.
  c. demand curve coincides with its marginal revenue curve.
  d. demand curve coincides with its marginal cost curve.
  e. demand curve coincides with its average cost curve.

QUESTION 5

When economic profits are negative 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 left as a result