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Question 21 (1 point) Dolores used to work as a high school teacher for $55,000 per year but quit in order to start her own catering business. To buy the necessary equipment, she withdrew $30,000 from her savings (which paid 2 percent interest per year) and borrowed $30,000 from her uncle, to whom she pays 3 percent interest per year. Last year she paid $25,000 for ingredients and had revenue of $75,000. She asked Louis, an accountant, and Greg, an economist, to calculate her profit for her. What did they say? Louis said her profit was $49,100, and Greg said she lost $6500. O Louis said her profit was $49,100, and Greg said her profit was $6500. O Louis said her profit was $50,000, and Greg said she lost $5000. O Louis said her profit was $450,000, and Greg said her profit was $33,500.Question 17 (1 point) A competitive market is in long-run equilibrium. If demand decreases, what can we be certain will happen to price? O Price will fall in the short run. All firms will shut down and some of them will exit the industry. Price will then rise. O Price will fall in the short run. No firms will shut down, but some of them will exit the industry. Price will then rise. O Price will fall in the short run. All, some, or no firms will shut down, and some of them will exit the industry. Price will then rise. O Price will not fall in the short run because firms will exit to maintain the price