Final answer:
In the long run, price is determined by the market through the interaction of supply and demand curves.
Explanation:
Price in the long run is determined by the market, particularly through the interaction of supply and demand. Suppliers decide how much to produce at the prevailing market price, which is the point where supply and demand curves intersect. This intersection establishes the equilibrium price in a perfectly competitive market.
Learn more about market equilibrium, supply and demand interaction here:
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