The long-run level of profit is the same in each perfectly competitive industry.

Name: The long-run level of profit is the same in each perfectly competitive industry.
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Question

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In the long run, in a perfectly competitive industry, firms will enter or exit the market until they are making only normal profits (where total revenue equals total cost). Therefore, in the long run, all firms in a perfectly competitive industry will earn normal profits, which will be the same for every firm in the industry.

The Long-Run Level of Profit Is the Same in Each