## Math Problem Statement

## Solution

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## Math Problem Analysis

### Mathematical Concepts

Microeconomics

Equilibrium Price

Market Demand

Profit and Loss

### Formulas

Equilibrium Price = Market Price where Quantity Demanded equals Quantity Supplied

Per firm output = Total industry output / Number of firms

Profit or Loss = (Price - ATC) * Quantity produced

### Theorems

Perfect Competition Theory

Long-run Market Adjustment

Price-Taking Behavior in Competitive Markets

### Suitable Grade Level

Undergraduate Economics

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