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.
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