Table 17-3 Traci's Hairstyling Is One Salon Among Many in the Market

question 216

Multiple Choice

Table 17-3
Traci's Hairstyling is one salon among many in the market for hairstyling. The following table presents cost and revenue data for Traci's Hairstyling.

-Refer to Table 17-3.Given the cost and revenue data,Traci's is

• A)not in a long-run equilibrium.More businesses will enter the hair treatment 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 treatment market will exit the market in the long-run.
• D)in a long-run equilibrium.

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Definitions:

Buyers

Individuals or organizations that purchase goods or services for personal use, consumption, or to use in the production of other goods and services.

Sellers

Persons or organizations that provide products or services for purchase in the marketplace.

Levied

The act of imposing a tax, fee, or fine by an authority.

Demand Curve

A graphical representation showing the relationship between the price of a good and the quantity demanded by consumers.