Refer to the information provided in Figure 15.6 below to answer the question(s) that follow. Figure 15.6
-Refer to Figure 15.6. If Trollio's T-shirts is in long-run equilibrium, it is producing ________ silk-screened T-shirts and selling each T-shirt at a price of ________.

Question

Refer to the information provided in Figure 15.6 below to answer the question(s) that follow.  Figure 15.6
-Refer to Figure 15.6. If Trollio's T-shirts is in long-run equilibrium, it is producing ________ silk-screened T-shirts and selling each T-shirt at a price of ________.

Quizplus · Accepted Answer

In long-run equilibrium, a firm in a perfectly competitive market produces at the point where marginal cost equals marginal revenue, which is also equal to the price. The given options suggest that at 50 T-shirts, the price is $16, indicating that this is the equilibrium point.

Refer to the Information Provided in Figure 15