The following data is available for Wheels 'N Deals Repair Shop for 2020: Repair technician's wages $360,000 Fringe benefits 80,000 Overhead 60,000 Total: $500,000 The desired profit margin is $40 per labor hour. The material loading charge is 40% of invoice cost. It is estimated that 5,000 labor hours will be worked in 2020. In March 2020, Wheels 'N Deals repairs a bicycle that takes two hours to repair and uses parts of $240. The bill for this repair would be:

Martha is one producer in the perfectly competitive jelly industry. last year, martha and all of her competitors found themselves earning economic profits. if there is free entry and exit, what do you expect to happen to the number of suppliers in the industry and the price of jelly? the number of suppliers will increase, and the price of jelly will fall. the number of suppliers will decrease, and the price of jelly will increase. the number of suppliers will increase, and the price of jelly will increase. the number of suppliers will decrease, and the price of jelly will fall.