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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 price of a shirt is $11,in the long run:

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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 price of a shirt is $11,in the long run:

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In a perfectly competitive market, all firms have identical costs, and there are no barriers to entry or exit. In the long run, new firms will enter the industry if there are profits to be made, driving down the price until all firms earn zero economic profit. Conversely, firms will exit the industry if there are losses to be incurred, driving up the price until all firms earn zero economic profit. This process continues until the industry is in a long-run equilibrium, where all firms earn zero economic profit at the prevailing price of $11. Therefore, the answer is (C) the industry is in equilibrium.

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