Refer to the information provided in Figure 15.6 below to answer ...

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Question 1

Refer to the information provided in Figure 15.6 below to answer the question(s) that follow.










Refer to Figure 15.6. If Trollio's T-shirts is in long-run equilibrium, it is producing ________ silk-screened T-shirts and selling each T-shirt at a price of ________.

◦ 20; $5
◦ 50; $10
◦ 50; $16
◦ 60; $15

Question 2

Refer to the information provided in Figure 15.6 below to answer the question(s) that follow.










Refer to Figure 15.6. If Trollio's T-shirts is producing 50 silk-screened T-shirts and selling each T-shirt at $16, then in the long run this firm should

◦ exit the industry, as it is earning a zero economic profit.
◦ increase output to 60 silk-screened T-shirts.
◦ reduce output to try to increase profits.
◦ continue to produce 50 silk-screened T-shirts and sell each T-shirt for $16.

[frre432]

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[frre432]

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