1. New advances in recycling technology reduce the cost of producing paper made from recycled material. SELECT THE CORRECT ANSWER a. Which of the following will occur in the market for paper made from recycled material? -supply will decrease -supply will increase -demand will decrease -demand will increase b. Will the advancement in recycling technology result in a shortage or surplus of paper made from recycled material at the previous price? Will the price of paper made from recycled material rise or fall? -surplus, rise -shortage, rise -shortage, fall -surplus, fall
1. New advances in recycling technology reduce the cost of producing paper made from recycled material. SELECT THE CORRECT ANSWER a. Which of the following will occur in the market for paper made from recycled material? -supply will decrease -supply will increase -demand will decrease -demand will increase b. Will the advancement in recycling technology result in a shortage or surplus of paper made from recycled material at the previous price? Will the price of paper made from recycled material rise or fall? -surplus, rise -shortage, rise -shortage, fall -surplus, fall
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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1. New advances in recycling technology reduce the cost of producing paper made from recycled material.
SELECT THE CORRECT ANSWER
a. Which of the following will occur in the market for paper made from recycled material?
-supply will decrease
-supply will increase
-demand will decrease
-demand will increase
b. Will the advancement in recycling technology result in a shortage or surplus of paper made from recycled material at the previous price ? Will the price of paper made from recycled material rise or fall?
-surplus, rise
-shortage, rise
-shortage, fall
-surplus, fall
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