Use the Following to Answer Questions

question 314

Multiple Choice

Use the following to answer questions :
-(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 nine 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:

Information

A formal accusation or complaint (without an indictment) issued in certain types of actions (usually criminal actions involving lesser crimes) by a law officer, such as a magistrate.

Prosecution

The legal process of holding someone responsible for a alleged crime, involving the government or state as the prosecuting body.

Bribery

An illegal practice involving the giving or receiving of something of value to influence the actions of an official or other person in charge of a public or legal duty.

Health Code

Regulations and standards established to maintain sanitation and prevent health hazards in public places such as restaurants and workplaces.