-In the above figure, the long-run equilibrium price and output are

Name: -In the above figure, the long-run equilibrium price and output are
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In long-run equilibrium, firms in perfectly competitive markets will produce at the minimum point of their average total cost (ATC) curve, where price equals the minimum ATC. The choice that corresponds to this condition is $7 and 8, indicating that the equilibrium price is $7 and the output is 8 units.

-In the Above Figure, the Long-Run Equilibrium Price and Output