Use the Following to Answer Questions

question 326

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 price of a shirt is $9, 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 minimized average total cost.

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Definitions:

Talcott Parsons

An American sociologist known for his contributions to social theory and for his development of a general theoretical framework for the study of society called structural functionalism.

Gender Role Socialization

The process through which individuals are taught and learn the gender roles associated with their sex, typically through family, culture, education, and media.

Instrumental Traits

Characteristics related to competency, task performance, and goal achievement, often considered masculine attributes.

Rationality

The trait of aligning with or adhering to logical or reasoned principles.