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Each firm in a perfectly competitive market has long run average cost represented as . Long run marginal cost is . The market demand is . Find the long run equilibrium output per firm, , the long run equilibrium price, , and the number of firms in the industry, .
Precipitation
Any type of water, be it in liquid or solid state, which descends from the sky and lands on the Earth's surface, such as rain, snow, sleet, and hail.
Large Grazers
Large herbivorous animals that feed primarily on grass and other low-lying vegetation.
Semiarid Zones
Regions characterized by light rainfall, usually between 10 and 20 inches per year, often resulting in scanty vegetation and a steppe climate.
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