Imagine several potato farmers operate in a competitive market. Farmer Jane decides to enter the market, shifting her 500 acre farm from corn to potatoes. What impact will her entry have on the profitability of the potato market?
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Explanation:
Jane's entry will shift out the supply curve, lowering prices, and shrinking profits. See Week 1 to review.
The profitability of the potato market will remain the same.
The profitability of the potato market will increase.
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