Use the Following to Answer Questions

question 67

Multiple Choice

Use the following to answer questions:
Figure: Game-Day Shirts
-(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 industry is in long-run equilibrium, the price of each shirt will be:

• A) $6.
• B) $9.
• C) $11.
• D) $14.

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Definitions:

Candidate

An individual who is being considered for a position, status, or undertaking, often in the context of elections or selection processes.

Psychophysicists

Scientists who study how physical stimuli (e.g., light, sound) are translated into psychological experiences, focusing on the relationships between physical properties of stimuli and sensory perceptions.

Experiments

Controlled tests or investigations conducted to discover or test a hypothesis.

Subjective Evaluation

An assessment based on personal opinions, feelings, or tastes, rather than external facts or criteria.