21. Explain what the difference between accounting profit and economic profit is, and under what condition does accounting profit equal economic profit?

12.Suppose a city is hit by a tornado that destroys 25 percent of the housing in the area. Would you expect the total expenditure on housing after the tornado to be greater than, less than, or equal to what it was before the tornado? Explain your answer.

10.At equilibrium in a market, the maximum price buyers would be willing to pay for the good is equal to the minimum price sellers need to receive before they are willing to sell the goods. Do you agree or disagree with this statement? Explain your answer.