After taking a business law class at state u, elke entered into a contract to sell her business law book to a classmate, matthew, for $45. as part of the same contract, she agreed to prepare a will for matthew’s mother for an additional $110. elke prepared the will and sent the book to matthew, but he refused to pay her. is she entitled to any payment? explain.

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.