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-(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 9 vendors.When the industry is in long-run equilibrium,the price of each shirt will be _____,and the total quantity supplied in the market will be _____.

Question

Use the following to answer question: 
-(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 9 vendors.When the industry is in long-run equilibrium,the price of each shirt will be _____,and the total quantity supplied in the market will be _____.

Quizplus · Accepted Answer

In a perfectly competitive market in long-run equilibrium, the price will be equal to the minimum average total cost (MC = MR = min. ATC). Based on the figure, the minimum ATC is at a price of $11. At this price, each vendor would supply 22 shirts ($220 total quantity supplied in the market). Therefore, the correct answer is (C) $11; 220.

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