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, firms operate at an efficient scale in the long run, meaning they produce at the lowest average total cost. Positive economic profits would attract new firms, driving profits down to zero, and supply is not perfectly inelastic even if all firms have the same cost structure, as firms can enter or exit the market.

In the Long Run, in a Perfectly Competitive Market