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In long-run equilibrium for a perfectly competitive firm, price equals which of the following?
Demand Curve
A graph showing the relationship between the price of a good and the quantity demanded by consumers at those prices, typically downward sloping.
Total Revenue
The total income a firm receives from the sale of its products, calculated by multiplying price by quantity sold.
Price Falls
A situation where the market price of a good or service decreases due to factors such as increased supply or decreased demand.
Midpoint Formula
A method used in economics to calculate the elasticity of demand or supply by taking the average of the starting and ending prices and quantities.
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