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-(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 industry is in long-run equilibrium,the price of each shirt will be:

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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 industry is in long-run equilibrium,the price of each shirt will be:

Quizplus · Accepted Answer

In a perfectly competitive market in long-run equilibrium, the price equals the minimum average total cost. Given the choices, $11 is likely the minimum average total cost for the vendors.

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