A constant-cost, perfectly competitive market is in long-run equilibrium. At present, there are 1,000 firms each producing 400 units of output. The price of the good is $60. Now suppose there is a sudden increase in demand for the industry's product which causes the price of the good to rise to $64. In the new long-run equilibrium, how will the average total cost of producing the good compare to what it was before the price of the good rose

A company reaches equilibrium over the long term when it modifies one or more of its plants to create output at the least point on their long-run Average Cost (AC) curve.
The demand curve determined by market pricing and this curve are tangential. In the long run, a company simply makes standard profits. The industry will draw new firms into it if a firm has above-average short-term earnings.
As the industry grows, this eventually results in a decrease in the prices of the commodities and an increase in the prices of the factors.
Until the AC curve is perpendicular to the demand curve, these modifications persist.
On the other hand, if businesses experience short-term losses, they will eventually exit the sector.
As a result, as the industry shrinks, prices rise and costs decline. Until the remaining businesses in the sector are able to cover their overall costs and regular earnings, these adjustments will continue.

The conditions below are necessary for the long run equilibrium of firm:

The output is created for the least amount of money.
The marginal cost is barely covered by the selling price.
Plants are ultimately utilized to their utmost potential. Resources are not squandered as a result.
Businesses only make typical earnings.
While profits are typical, businesses strive to increase them.

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