In the long run, in a perfectly competitive market:

Name: In the long run, in a perfectly competitive market:
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In a perfectly competitive market, in the long run, firms earn zero economic profits due to free entry and exit, operate at an efficient scale where average total cost is minimized, and supply becomes perfectly elastic when all firms have the same cost structure, indicating that firms can supply any quantity at the market price.

In the Long Run, in a Perfectly Competitive Market