Firms in competitive markets can only earn economic profits in the long run, once the market is in equilibrium.

Name: Firms in competitive markets can only earn economic profits in the long run, once the market is in equilibrium.
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In competitive markets, firms can earn economic profits in the short run, but in the long run, the entry of new firms into the market drives economic profits to zero, leading to a state of equilibrium where firms only earn normal profits.

Firms in Competitive Markets Can Only Earn Economic Profits in the Long