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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 $11, in the long run:

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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 $11, in the long run:

Quizplus · Accepted Answer

In the long run, firms will enter or exit the industry until the price is equal to the average total cost. At this point, the industry is in equilibrium.

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