Using appropriate diagrams compare and contrast short-run equilibrium conditions with the long-run equilibrium condition faced by a firm in perfect competition.

In perfect competition, a firm operates in an industry with numerous competitors, identical products, ease of entry and exit, perfect information, and price-taking behavior. The short-run equilibrium for a firm in perfect competition is characterized by the intersection of its marginal cost (MC) curve and marginal revenue (MR) curve, where MC = MR. This condition determines _____ ____ __________ ____ _________ ____ __________ _________ ____.
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