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 Trollioʹs T-shirts is in long-run equilibrium, it is charging a selling price of ________ and has an average total cost of ________.
◦ $10; $10
◦ $16; $10
◦ $16; $16
◦ $10; $16
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 Trollioʹs T-shirts is producing the quantity where
MR =
MC and selling each T-shirt at the price where
D =
ATC, then in the long run this firm should ________ the selling price and ________ quantity.
◦ increase; decrease
◦ decrease; increase
◦ increase; increase
◦ not change; not change
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