Use the Following to Answer Question

question 257

Multiple Choice

Use the following to answer question:
-(Figure: Game-Day Shirts) Use Figure: Game-Day Shirts.Rick is one of 10 vendors who sell game-day T-shirts at football games in a perfectly competitive market.His costs are identical to the costs of the other 9 vendors.If the price of a shirt is $11,in the long run:

• A)firms will enter the industry.
• B)firms will exit the industry.
• C)the industry is in equilibrium.
• D)the industry has maximized average total cost.

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Definitions:

Incompatibility

The state of being unable to coexist in harmony due to differences in behaviors, beliefs, or systems.

Bigamy

The act of marrying someone while already being married to another person, which is illegal in many jurisdictions.

Impotence

A condition where an individual is unable to achieve or maintain an erection suitable for sexual intercourse.

Social Status

Refers to the position or rank of a person or group within the society based on wealth, occupation, education, or other criteria.