Help me answer this review question. Fill in the Blanks.  An increase in the price of shirts will cause firms to ___________ the industry, and as output increases, the _____________ of production increases. Entry of firms will continue until price ___________ average cost.

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Q: firm

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Cost of Production

In economic theory, production costs are the costs incurred by an industrial organization when it engineers a project or provides a service that generates revenue and benefits. Labor costs, raw materials, consumable manufacturing costs, and general overhead sum up, accounting for production costs. Total cost data is calculated by combining total direct costs of materials, labor costs, and total production costs.