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 Trollioʹs T-shirts is in long-run equilibrium, it is charging a selling price of ________ and has an average total cost 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 Trollioʹs T-shirts is in long-run equilibrium, it is charging a selling price of ________ and has an average total cost of ________.

Quizplus · Accepted Answer

In long-run equilibrium, a firm in a perfectly competitive market will charge a price equal to its average total cost. Therefore, if Trollio's T-shirts is in long-run equilibrium, both the selling price and the average total cost would be $16.

Refer to the Information Provided in Figure 15