No no no!
A line segment, on the other hand, does: it is the point equidistant from each end of the segment.
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A midpoint is in the middle of the line but does not bisect it because it is just a point on that line and does not cross the line.
No. The midpoint of a line is the middle point on the line, while the slope is a measure of how the line is oriented.
it gives you the midpoint of the line segment you use the formula for
There is no name for it except "A line perpendicular to a line segment and passing through its midpoint".
Average the x and y (and z if there is one) coordinates to find a midpoint of a line.