- Talking Quantity Supplied There Is A Compete Cooperate With 1 Fill In The Following Blanks No Need To Show 1 (29.87 KiB) Viewed 26 times
Talking: (>/</=) quantity supplied; there is a (compete/cooperate) with 1. Fill in the following blanks. No need to show calculation steps. (1 point each, 10 points in total.) a) When the price is higher than market-clearing price, quantity demanded is (shortage/surplus/equilibrium); buyers will (buyers/sellers) to cause price to go (up/down). b) Tom runs a small pizza shop. He hires one helper at $17,000 per year, pays annual rent of $5,000 for his business, and spends $15,000 per year on raw materials. He uses his savings to purchase equipment. The savings could earn him $2,000 per year if alternatively invested. He has been offered $24,000 per year to work as a janitor. Total annual revenue from pizza sales is $75,000. The explicit costs of the firm are S. The implicit costs of the firm are The opportunity cost of running this business is $. The accounting profit is S The economic profit is $