Use the Following to Answer Question

question 116

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 $14,in the long run:

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

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Definitions:

JIT Partnerships

Refers to Just-In-Time partnerships, a collaboration between suppliers and manufacturers to ensure materials are delivered just in time for production, reducing inventory costs and enhancing efficiency.

Variability

Variability refers to the extent to which data points in a set differ from the average value.

JIT

Just-In-Time is a management strategy that aligns raw-material orders from suppliers directly with production schedules, aiming to minimize inventory costs and increase efficiency.

Suppliers

Entities that provide goods or services to another company as part of a supply chain, often contributing to the production or distribution process.