Use the following to answer questions :
-(Figure: Game-Day Shirts)Use Figure: Game-Day Shirts.Rick is one of the 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 nine vendors.If the price of a shirt is $14,the short-run industry supply will be _____ shirts.

Question

Use the following to answer questions : 
-(Figure: Game-Day Shirts)Use Figure: Game-Day Shirts.Rick is one of the 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 nine 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 the quantity where price equals marginal cost. If each vendor supplies 24 shirts at a price of $14, then 10 vendors will supply 240 shirts in total.

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