TC 1 $27 $10 2 24 17 32 4 18 47 5 15 67 long-run equilibrium and price equals average total cost. long-run equilibrium and price is less than average total cost. short-run equilibrium and price is greater than average total cost. short-run equilibrium and incurs an economic loss. short-run equilibrium and there is zero economic profit. 21 P. LO

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