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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 $14, the short-run industry supply will be _____ shirts.

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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 $14, the short-run industry supply will be _____ shirts.

Quizplus · Accepted Answer

In a perfectly competitive market, each vendor will supply shirts where price equals marginal cost. If each vendor supplies 24 shirts at the price of $14, then with 10 vendors, the total industry supply will be 240 shirts.

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