Table 16-6 Traci's Hairstyling Is One Salon Among Many in the Market

question 21

Multiple Choice

Table 16-6
Traci's Hairstyling is one salon among many in the market for hairstyling. The following table presents cost and revenue data for haircuts at Traci's Hairstyling.

-Refer to Table 16-6.Given the cost and revenue data,Traci's is

• A) not in a long-run equilibrium. More businesses will enter the hair salon market in the long-run.
• B) not in a short-run equilibrium.
• C) not in a long-run equilibrium. Some businesses currently in the hair salon market will exit the market in the long-run.
• D) in a long-run equilibrium.

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Definitions:

Maker

In the context of contracts, the party who creates or signs a promissory note to pay a certain amount of money to another party.

Drawer

In banking and finance, a drawer refers to the party that writes and signs a check or draft, directing a bank or other financial institution to pay a specified amount to a named payee.

Time Certain

A term used to specify an exact time at which an event or action is planned to take place.

On Demand

Refers to goods, services, or information being available whenever requested by customers or users.