. In January, Vorst Co. purchased a mineral mine for $2,640,000 with an estimated 1,200,000 of removable ore. After it has extracted all the ore, Vorst will be required by law to restore the land to its original condition at an estimated cost of $180,000. Vorst believes that it would be able to sell the property afterwards for $300,000. During the year, Vorst incurred $360,000 of development costs preparing the mine for production and it removed and sold 60,000 tons of ore. In its year-end income statement, what amount should Vorst report as depletion

1. all other things equal, according to the law of demand, when the price of a good falls, the demand for the good falls the demand for the good rises the quantity demanded of the good falls the quantity demanded of the good rises 2. when a market is in equilibrium, the quantity of the good that buyers are willing and able to buy exactly equals the quantity that sellers are willing and able to sell cannot be determined is less than the quantity that sellers are willing and able to sell is greater than the quantity that sellers are willing and able to sell 3. which of the following factors does not influence the demand for a good or service? consumer (buyer) income the price of related goods the number of sellers buyer expectations 4. when the number of sellers in a market increases, demand rises supply rises the price rises, all else equal the number of buyers falls